VAT, fuel price hikes will worsen cost-of-living crisis – Atiku warns

In a statement today via his X account, Atiku warned that the policy would worsen the ongoing cost-of-living crisis.

He likened the move to a “blazing inferno that will consume the very essence of our people.”

Atiku stated, “President Bola Tinubu and his group of advisers have decided to increase VAT from 7.5% to 10%, coinciding with the NNPCL’s announcement of a significant hike in PMS prices at the pump.”

“This decision ushers in a new wave of regressive and harsh policies, which will intensify the cost-of-living crisis and further weaken Nigeria’s fragile economic growth.”

Atiku went on to say, “President Tinubu and his team are relying on their usual approach: placing burdens on the poor while ignoring their own lavish lifestyles.”

“Tinubu’s actions reveal a deep disregard for the struggles of ordinary Nigerians, as he spends on luxurious villa renovations and acquires new jets and vehicles for himself and his family.”

He added, “You don’t need to be an economist to see the dangerous consequences of Tinubu’s poorly thought-out policies on Nigeria’s future.”

“The constant tax and interest rate increases have become unbearable, crippling businesses of all sizes, causing job losses, and worsening the hardships of the poor.”

Atiku highlighted that the manufacturing sector has suffered since Tinubu took office, with its contribution to the GDP declining by more than 20% since December 2023, according to NBS reports.

“In early August, Tinubu shifted focus to agriculture. True to form, his administration secretly crafted a new policy allowing duty-free importation of agricultural commodities like wheat, maize, and paddy, despite strong opposition from local farmers.”

“This policy threatens Nigeria’s food security, as local farmers face unfair competition from low-cost producers in Asia, Europe, and America, forcing many to cut back or stop production altogether.”

“It endangers job creation, wealth generation, and the long-term growth of the agricultural sector, casting doubt on Nigeria’s sustainability and development.”

Atiku concluded by urging President Tinubu and his advisers to focus on creating sustainable solutions for the economy’s challenges instead of worsening the crisis with damaging policies.

Atiku’s comments follow the NNPCL’s recent increase in fuel prices.