Claims that Bola Tinubu promised to reduce the purchasing power of Nigerians and widen taxes have been making the rounds on social media. Some of the accounts that made this claim also attached an old video of Tinubu discussing taxes and the economy during the Buhari administration.

Some users, like @emarged, @omogbajabiamila and @u10akaji, with considerable followings on X, have recirculated the claims as of the time of this report. From these three accounts alone, the claims have garnered about 358,000 views.

That's exactly what he said he will do. Reduce the purchasing power of the people and widen the tax bracket. https://t.co/rORESOEXGg

— Clinomaniac (@Emarged) January 29, 2024

Peter Obi could not convince you that he was a better candidate, but "a town hall different from balablu", "I just want to dance", "I will reduce the purchasing power of Nigerians", "na statistics we go chop?" convinced you.

LMFAOOOoooo… Now, laugh at yourself, you dumb fool.

— Demola Of Lagos 𓃵 (@OmoGbajaBiamila) January 30, 2024

Man legit said: "If we reduce the purchasing power of the people, we will further slow down the economy…. Let's widen the tax nets, those who are not paying now, must pay…" And people were cheering for him. Now you wonder why his illegitimate rule is producing such a record… pic.twitter.com/wiivHwZIIp

— U10 🇳🇬 (@u10akaji) January 29, 2024

FIJ also found that the claims have been around on the internet for a while. In 2022 for instance, Zero Access, a Nairaland user, posted a YouTube clip of the Tinubu interview with the caption ‘Tinubu will reduce your purchasing power’.

READ ALSO: FACT CHECK: Is One Dollar Now N1,999?

Another user, DesyChyko, also posted the same video on July 4, 2023, with a similar caption on Nairaland. His caption read:

“I stumbled across this excerpt where Tinubu promised to reduce the purchasing power of citizens. His exact words were: If we reduce the purchasing power of the people, we can further slow down the economy. Let’s widen the tax net…What I can’t understand though is why those people were clapping. Are they still clapping now?”

CLAIM: Tinubu said he would reduce the purchasing power of the people and widen the tax bracket.

VERIFICATION: FIJ traced the statement and the full version of the circulating video back to the 11th Bola Tinubu Colloquium in 2019.

The colloquium, an annual event held to commemorate Tinubu’s birthday, had Yemi Osinbajo in attendance in 2019. The 11th colloquium was held at the time the Buhari administration announced the increase in value-added tax (VAT).

In the full clip, FIJ found that Tinubu was advising the government against the increase in VAT. His argument at the time was that it would reduce the purchasing power of the people and slow down the economy. He said:

“The global economy faces a stiff headwind…factors, not our making. It casts doubt now and its projection is slow growth. Consumer spending is slipping…And this is where I will stop and appeal to Professor Yemi Osinbajo, the Vice President, and his team.

“Put a huge question mark on any increase on VAT, please. If we reduce the purchasing power of the people, we can further slow down the economy. Let’s widen the tax net.

“Those who are not paying now, if it is inclusive of Oyebola Tinubu, let the net get bigger and we take in more taxes, and that is what we must do in the country, instead of additional layer of taxes. For now, I’ll stop there.”

READ ALSO: FACT-CHECK: Does Viral Video Show CNN Telling Journalists to Stage Israel-Hamas Conflict Report?

Bola Tinubu did not advise or promise to reduce the purchasing power of the people. He also did not promise to raise taxes.

Additional research revealed that media houses reported Tinubu’s actual statement here and here.

The claim and the videos circulating on the internet about his intent to reduce citizens’ purchasing power have been taken out of context.

CONCLUSION: Claims that Tinubu said he would reduce the purchasing power of the people, slow down the economy and widen taxes are false.