{"id":130341,"date":"2024-09-08T10:30:20","date_gmt":"2024-09-08T09:30:20","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku"},"modified":"2024-09-08T11:38:31","modified_gmt":"2024-09-08T10:38:31","slug":"10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku","title":{"rendered":"10% VAT increase: Tinubu heaps burden on Nigerians, lives in opulence \u2013 Atiku"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>Former Vice President Atiku Abubakar has said that the recent increase in Value Added Tax, VAT, is set to become the blazing inferno that will consume the very essence of Nigerian people.<\/p>\n

Atiku said that Tinubu, alongside his advisers, resolved to raise the VAT rate from 7.5% to 10%, even when the Nigerian National Petroleum Company Limited, NNPCL, had announced a soaring PMS price increase at the pump.<\/p>\n

The Peoples Democratic Party, PDP, presidential candidate in the last election, in a post on his X handle on Sunday, said the move unveils a new era of regressive and punitive policies.<\/p>\n

According to him, the impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria\u2019s already fragile economic growth.<\/p>\n

The statement read: \u201cThe increase in VAT is set to become the blazing inferno that will consume the very essence of our people.<\/p>\n

\u201cPresident Bola Tinubu, alongside his coterie of advisers, has resolved to raise the VAT rate from 7.5% to 10%, even as the NNPCL has announced a soaring PMS price increase at the pump. This move unveils a new era of regressive and punitive policies, and its impact is destined to deepen the domestic cost-of-living crisis and exacerbate Nigeria\u2019s already fragile economic growth.<\/p>\n

\u201cPresident Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses! Tinubu\u2019s actions reflect a profound insensitivity to the plight of the less fortunate as he indulges in the opulent renovation of villas and the acquisition of new jets and vehicles for himself and his family.<\/p>\n

\u201cOne need not be an economist to grasp the ominous implications of President Tinubu\u2019s ill-conceived policies for Nigeria\u2019s future. The relentless rise in taxes and interest rates has proven excessively onerous, debilitating businesses of all sizes and leading to job losses while intensifying the suffering of the poor.<\/p>\n

\u201cThe manufacturing sector, in particular, has endured relentless strife since Tinubu\u2019s ascendancy, with its contribution to the GDP diminishing by over 20% since December 2023, as reported by the NBS.<\/p>\n

\u201cIn early August, Tinubu turned his attention to agriculture. As is customary with this administration, a new policy was clandestinely formulated and announced, permitting duty-free importation of agricultural commodities such as wheat, maize, and paddy, despite vehement opposition from farmer groups nationwide.<\/p>\n

\u201cThis policy poses a grave threat to Nigeria\u2019s food security ambitions, as local farmers, facing unfair competition from low-cost producers in Asia, Europe, and America, are compelled to reduce or entirely abandon their production efforts. It jeopardizes job creation, wealth generation, and the sector\u2019s long-term prosperity, casting a shadow over Nigeria\u2019s sustainability and development.<\/p>\n

\u201cPresident Tinubu and his advisers would be wise to redirect their efforts towards crafting sustainable solutions to the systemic shocks afflicting the economy rather than compounding the crisis with measures destined to ignite further turmoil.\u201d<\/p>\n

For More News And Analysis About Nigeria Follow Africa-Press<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. Former Vice President Atiku Abubakar has said that the recent increase in Value Added Tax, VAT, is set to become the blazing inferno that will consume the very essence of Nigerian people. Atiku said that Tinubu, alongside his advisers, resolved to raise the VAT rate from 7.5% to 10%, even when the […]<\/p>\n","protected":false},"author":84,"featured_media":130340,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,29,28,14,2660],"tags":[14700,316,254,945],"class_list":["post-130341","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-10-vat-increase","tag-atiku","tag-nigeria","tag-tinubu"],"yoast_head":"\n10% VAT increase: Tinubu heaps burden on Nigerians, lives in opulence \u2013 Atiku - Nigeria<\/title>\n<meta name=\"description\" content=\"Former Vice President Atiku Abubakar has said that the recent increase in Value Added Tax, VAT, is set to become the bla ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10% VAT increase: Tinubu heaps burden on Nigerians, lives in opulence \u2013 Atiku\" \/>\n<meta property=\"og:description\" content=\"Former Vice President Atiku Abubakar has said that the recent increase in Value Added Tax, VAT, is set to become the bla ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-08T09:30:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-08T10:38:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1725779268.272245.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"10% VAT increase: Tinubu heaps burden on Nigerians, lives in opulence \u2013 Atiku\",\"datePublished\":\"2024-09-08T09:30:20+00:00\",\"dateModified\":\"2024-09-08T10:38:31+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\"},\"wordCount\":499,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2024\/09\/sm_1725779268.272245.jpg\",\"keywords\":[\"10% VAT increase\",\"Atiku\",\"Nigeria\",\"Tinubu\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"Policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/policy\/10-vat-increase-tinubu-heaps-burden-on-nigerians-lives-in-opulence-atiku\",\"name\":\"10% VAT increase: Tinubu heaps burden on Nigerians, lives in opulence \u2013 Atiku - 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