{"id":2477,"date":"2024-09-09T07:34:44","date_gmt":"2024-09-09T07:34:44","guid":{"rendered":"https:\/\/beadysword.com.ng\/blog\/?p=2477"},"modified":"2024-09-09T07:34:44","modified_gmt":"2024-09-09T07:34:44","slug":"atiku-rejects-plot-to-increase-vat-to-10-warns-tinubu","status":"publish","type":"post","link":"https:\/\/beadysword.com.ng\/blog\/2024\/09\/09\/atiku-rejects-plot-to-increase-vat-to-10-warns-tinubu\/","title":{"rendered":"Atiku Rejects Plot To Increase VAT To 10%, Warns Tinubu"},"content":{"rendered":"
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Atiku Abubakar, the former vice-president, has decried plans by the current administration to increase the value-added tax (VAT) from 7.5 percent to 10 percent.<\/strong><\/p>\n

In a social media post on Sunday, Atiku described the move as a \u201cregressive and punitive policy\u201d.<\/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,\u201d he said.<\/p>\n

\u201cThis 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

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\u201cPresident Tinubu and his entourage seem to be resorting to their familiar tactic: heaping burdens upon the impoverished while steadfastly ignoring their extravagant excesses!<\/p>\n

\u201cTinubu\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.\u201d<\/p>\n

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Atiku said the relentless rise in taxes and interest rates has proven \u201cexcessively onerous, debilitating businesses of all sizes and leading to job losses while intensifying the suffering of the poor\u201d.<\/p>\n

The former vice-president said the manufacturing sector has endured \u201crelentless strife since Tinubu\u2019s ascendancy\u201d, with its contribution to the gross domestic product (GDP) \u201cdiminishing by over 20% since December 2023, as reported by the NBS\u201d.<\/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,\u201d he said.<\/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.\u201d<\/p>\n

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According to Atiku, the introduction of the policy \u201cjeopardises job creation, wealth generation, and the sector\u2019s long-term prosperity, casting a shadow over Nigeria\u2019s sustainability and development\u201d.<\/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 Atiku said.<\/p>\n

On May 8,\u00a0\u00a0Taiwo Oyedele chairman of the presidential committee on fiscal policy and tax reforms, said there is a need to increase the VAT rate.<\/p>\n

Oyedele said the committee proposed adjusting the sharing formula for VAT because it is a tax of the states<\/p>\n

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According to section 40 of the VAT Act, the\u00a0<\/span>federal government gets 15 percent of the tax revenue, states share 50 percent, and local governments share the balance of 35 percent<\/span>.<\/span><\/p>\n

However, Oyedele said the committee is recommending the reduction of the federal government\u2019s share from 15 percent to 10 percent.<\/span><\/p>\n

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Atiku Abubakar, the former vice-president, has decried plans by the current administration to increase the value-added tax (VAT) from 7.5 percent to 10 percent. In a social media post on Sunday, Atiku described the...<\/p>\n","protected":false},"author":2,"featured_media":2478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=2477"}],"version-history":[{"count":1,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2477\/revisions"}],"predecessor-version":[{"id":2479,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/posts\/2477\/revisions\/2479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media\/2478"}],"wp:attachment":[{"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=2477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=2477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beadysword.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=2477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}