breaking news: economist urges president to suspend new tax law amid rising poverty concerns || www.wapcodehub9ja.com.ng

professor warns that the new tax regime could worsen poverty, inflation, and economic hardship in nigeria

By Wapcodehub9ja LIVE News Correspondent

Reporting Live from Abuja, Nigeria

Professor Nasiru Yauri has called on President Bola Ahmed Tinubu to suspend the implementation of Nigeria’s new tax law, warning that the policy could deepen poverty and raise inflation. Writing in a public statement, Yauri emphasized the risks of intensifying taxation in a country where economic fundamentals remain weak.

According to the economist, while low-income earners are technically exempted from the new tax regime, they will inevitably bear the burden indirectly. Companies are likely to transfer the cost of taxation to consumers through higher prices on essential commodities, further straining household budgets.

Professor Yauri highlighted recent World Bank reports showing that nearly 60% of Nigerians are living in extreme poverty. He argued that pursuing advanced tax regimes without addressing poverty, unemployment, and economic instability would exacerbate inequality rather than generate meaningful revenue.

The statement also critiqued Nigeria’s governance framework, noting that public expenditure often lacks transparency and accountability. Yauri warned that in a system where officials misuse public funds, the proceeds from increased taxation are unlikely to benefit citizens and could necessitate additional borrowing.

Drawing on experiences from the fuel subsidy removal, he cautioned that policies that effectively take from the poor to benefit the wealthy could harm the president’s public approval and electoral prospects. Economic measures, he argued, are potent political tools that influence public perception.

Professor Yauri urged the president to consider the broader social and economic consequences of the new tax law, advising that Nigerians be allowed economic breathing space while ensuring government accountability.

The call has sparked discussion among economists, policymakers, and civil society advocates about balancing revenue generation with social welfare and sustainable economic growth.