Former Vice President Atiku Abubakar has strongly criticized the Federal Government\u2019s plan to raise the Value Added Tax (VAT) from 7.5% to 10%. He warned that the proposal could lead to an economic crisis that would worsen the cost-of-living challenges already faced by Nigerians.<\/p>\n
The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, confirmed during a Channels TV interview that a law is being proposed to increase the VAT rate. The proposed increase is expected to take effect in 2025, with future adjustments planned.<\/p>\n
Atiku responded by cautioning that this policy, along with the recent fuel price hike by the Nigerian National Petroleum Corporation Limited (NNPCL), could further destabilize Nigeria\u2019s economy. He urged President Bola Tinubu\u2019s administration to focus on sustainable economic solutions rather than introducing policies that would deepen poverty and hardship.<\/p>\n
He expressed concern over the impact of the proposed VAT hike on businesses and the manufacturing sector, which has already suffered a significant decline. Atiku further criticized the government’s policy of allowing duty-free importation of agricultural commodities, warning that it threatens local food security and undermines Nigerian farmers.<\/p>\n
Atiku concluded by describing these moves as regressive and damaging to Nigeria’s long-term development, urging the government to reconsider its approach to economic management.<\/p>\n","protected":false},"excerpt":{"rendered":"
Former Vice President Atiku Abubakar has strongly criticized the Federal Government\u2019s plan to raise the Value Added Tax (VAT) from 7.5% to 10%. He warned that the proposal could lead to an economic crisis that would worsen the cost-of-living challenges already faced by Nigerians. The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, […]<\/p>\n","protected":false},"author":13,"featured_media":47579,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[172],"tags":[],"class_list":["post-47578","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/47578","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=47578"}],"version-history":[{"count":1,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/47578\/revisions"}],"predecessor-version":[{"id":47580,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/47578\/revisions\/47580"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/47579"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=47578"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=47578"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=47578"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}