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Recession: Atiku Advised Nigerian Government To Increase Taxes On The Super-Rich

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Recession: Atiku Advised Nigerian Government To Increase Taxes On The Super-Rich

The former vice president, Atiku Abubakar, has advised the Nigerian government to increase taxes on the super-rich in order to raise government income as the country slides into recession.

Nigeria has officially slid into the second recession in five years and the worst in almost four decades.

On Saturday, the National Bureau of Statistics announced that the nation’s GDP contracted by 3.62 per cent in the third quarter of 2020, better than its 6.10 per cent contraction in the second quarter.

This situation is worsened by the biting effects of the COVID-19 pandemic ravaging the world.

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Addressing Nigerians on Sunday morning, Mr Abubakar said he received the news with the heaviness of heart, stating that it could have been avoided if the President Muhammadu Buhari-led administration heeded to calls on “cutting the cost of governance, saving for a rainy day, and avoiding profligate borrowing.”

Atiku suggested that a luxury tax be placed on goods and services accessible only to the extremely wealthy individuals.

For instance, “a 15% tax on all Business and First Class tickets sold to and from Nigeria, on all luxury car imports and sales, on all private jets imports and service charges, on all jewellery imports and sales, on all designer products imported, produced or sold in Nigeria, and on all other luxury goods either manufactured, or imported into Nigeria, with the exception of goods made for export,” he said.

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– Premium Times

 

Recession: Atiku Advised Nigerian Government To Increase Taxes On The Super-Rich

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Jake Clifford

Jake Clifford is a Nigerian Born blogger and a fast growing Journalist, whose aim is to inform Nigerians with happening across Nigeria. Send story tips to him via [email protected] or

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