Former Vice President Atiku Abubakar has strongly criticized the federal government’s plan to increase the Value Added Tax (VAT) from 7.5% to 10%, cautioning that it will intensify Nigeria’s cost-of-living crisis. In a statement posted on his X handle on Sunday, Atiku likened the move to a “blazing inferno that will devastate the very fabric of our society.”

He accused President Bola Tinubu’s administration of adopting regressive policies that burden the poor while maintaining extravagant government spending. Atiku highlighted the recent surge in fuel prices by the Nigerian National Petroleum Corporation Limited (NNPCL) and rising interest rates, which have aggravated the country’s economic woes.

Atiku expressed concern over the potential harm to businesses and job cuts, particularly in the manufacturing sector, which has seen a sharp decline in its GDP contribution. He also criticized Tinubu’s agricultural policies that permit duty-free imports of crucial crops like wheat and maize, threatening local farmers and Nigeria’s food security.

He called for the government to pursue long-term economic solutions rather than actions that risk deepening the current crisis. Atiku’s comments come amidst growing public outrage over the fuel price increases and soaring inflation.