The African Democratic Congress, ADC, presidential candidate, Atiku Abubakar, on Monday said President Bola Tinubu’s administration can’t tax its way into prosperity.
Atiku was responding to the Presidency’s claim that the tax reforms of Tinubu’s administration are progressive.
In a statement by his spokesman, Phrank Shaibu, Atiku said no tax policy can succeed in an economy where businesses are already struggling to survive.
“Government cannot tax its way into prosperity while simultaneously shrinking the productive capacity of the economy.
“Manufacturers are battling record energy costs. Small businesses face multiple taxes, rising electricity tariffs, escalating logistics expenses and declining consumer demand. Families are paying more for virtually every essential service.
“A tax reform that expands government revenue while ordinary citizens become poorer cannot honestly be described as progressive.”
He added that successful tax systems are built on expanding productivity, creating jobs and widening the tax base through economic growth, not by extracting more from an already distressed economy.
