EDITORIAL: Now that Nigerian Gov’t has increased VAT amidst biting hardship, inflation

The Nigerian government’s decision to increase Value Added Tax (VAT) from 7.5% to 10% is totally condemnable.

This move is touted by the federal government as a ploy aimed at sustaining the new minimum wage and funding other initiatives.

However, it comes at a time when Nigerians are already reeling under the weight of inflation, rising costs of living, and unemployment.

The timing of this increase is particularly callous, considering the economic hardship that has become a defining feature of life in Nigeria.

The country’s economic growth has retrogressed, and the benefits of any sign of growth have largely accrued to a tiny elite, leaving the majority of Nigerians to struggle with poverty, lack of access to basic services, and diminishing opportunities.

Even the presidential entourage’s indulgence in luxury, including a lavish jet and yacht, accompanied by high-end bulletproof cars, is an insult to ordinary Nigerians.

Vice President Kashim Shettima’s recent plea for debt forgiveness at the United Nations General Assembly (UNGA24) has raised eyebrows.

The fact that leaders from creditor nations like France and the UK arrived in New York on commercial flights, while Nigeria’s vice president travels in style on a private jet, is a jarring contrast that underscores the government’s disconnect from the reality of its citizens’ lives.

The VAT increase will only exacerbate the existing economic challenges faced by the poor, who already spend a disproportionate amount of their income on essential goods and services.

This regressive tax will further erode their purchasing power, exacerbate poverty, and entrench inequality.

The Nigerian people are bearing the brunt of economic hardship while their leaders indulge in extravagance.

The Bola Ahmed Tinubu presidency has now proven beyond reasonable doubt to be one that does not listen to the hue and cries of the citizens.

The presidency has dealt citizens another brutal uppercut, despite the fact that the citizens are yet to recover from the debilitating economic pummelling they have been receiving.

It’s really an unfortunate situation. Nigerians are definitely in deep mess.

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