The Vice-president Atiku Abubakar has torn to shred the economic policies of the President Bola Tinubu-led government, saying its penchant for tax as a means to increase its revenue is counterproductive.
Atiku remarked this in a statement he released on the occasion of Tinubu’s one-year in office in which he alleged that the policies by the incumbent is anti-people and businesses.
He added that businesses and individuals are overtaxed alleging that in spite, attempts are being made to increase Value Added Tax, VAT, and some others.
“We are aware of the behind-the-scenes attempts to increase VAT rate from 7.5 per cent to 10 per cent, re-introduce excise on telecommunication, and increase excise rates on a range of goods.
“It needs to be restated that we cannot tax our way out of this situation. Instead, Tinubu must see the need for expenditure rationalisation and restraint – by having the budget more in sync with Nigeria’s fiscal reality, by improving efficiency in revenue utilisation, improving procurement processes and trimming the size of government – and, therefore, reducing the cost of governance,” he wrote.
