Tinubu’s 2024 Budget Spells Hopelessness for Nigerians and Lack of Economic Recovery Strategies – PDP

President Bola Tinubu’s proposed N27.5 trillion budget for the 2024 fiscal year has come under intense scrutiny from the Peoples Democratic Party (PDP).

Termed the ‘Budget of Renewed Hope,’ PDP alleges that the budget lacks substantial mechanisms for economic recovery, branding it as deceitful and potentially detrimental to the nation’s financial health.

PDP, through its National Publicity Secretary, Debo Ologunagba, issued a statement urging the National Assembly to reject the appropriation bill.

The party contends that if approved, the budget could plunge the country into economic depression, pointing to what they perceive as inflated figures, duplicated items, and dubious statistics.

Tinubu’s assertion that the budget heralds a ‘Renewed Hope’ is dismissed by PDP as mere rhetoric, emphasizing the absence of concrete plans to revive key sectors such as manufacturing, energy, agriculture, and education.

They argue that the proposed budget, with significant allocations for the luxury preferences of the Presidency and APC leaders, relies heavily on foreign loans and increased taxes, potentially burdening the already impoverished citizens.

Expressing concern over the budget’s structure, PDP highlights the N9.9 trillion allocated to Recurrent Expenditure, N8.7 trillion to Capital Expenditure, and N8.25 trillion for debt services, deeming it unsustainable and unattainable given the existing debt and proposed borrowing.

The party criticizes President Tinubu’s admission of adopting a Naira to US Dollar exchange rate of N750 for 2024, labeling it a clear acknowledgment of the government’s failure to manage and strengthen the national currency.

They argue that this move exacerbates economic challenges, weakens the purchasing power of Nigerians, and hinders the growth of small businesses.

PDP calls on the National Assembly to exercise its constitutional duty, as outlined in Section 80, 81, and 82 of the 1999 Constitution, by rejecting the 2024 budget.

They urge lawmakers to dismantle the budget, focusing on provisions essential for economic growth and the welfare of Nigerians.

Source: Vanguard