In a scathing review of the proposed N27.5 trillion budget for the 2024 fiscal year by President Bola Tinubu, the Peoples Democratic Party (PDP) has denounced the budget as a detrimental disservice to the nation. The PDP asserts that if passed, the budget will exacerbate the economic challenges faced by Nigerians, pushing the nation further into a state of economic depression and despair.
In an official statement by the party National Publicity Secretary Hon. Debo Ologunagba said President Tinubu’s assertion that the budget is a “Budget of Renewed Hope” is deemed unfounded and deceptive by the PDP. The opposition party argues that the budget lacks concrete mechanisms for economic revival, job creation, and addressing critical issues in the manufacturing, and productive sectors, as well as human capital development deficiencies and declining life expectancy among Nigerian citizens.
The PDP contends that the 2024 budget is rife with inflated figures, duplicated items, and misleading statistics, including claims of a global increase in inflation rates. These, the PDP claims, are being used as justifications for an anticipated surge in taxes and interest rates, particularly detrimental to the productive sector.
Highlighting the budget’s emphasis on funding the luxury appetites of the Presidency and All Progressives Congress (APC) leaders through multilateral and bilateral foreign loans and increased taxes, the PDP asserts that this approach will further mortgage the nation and strangle an already impoverished populace.
The budget’s allocation of N9.9 trillion for Recurrent Expenditure, N8.7 trillion for Capital Expenditure, and N8.25 trillion for debt services is criticized by the PDP as unsustainable and unrealizable given the existing outstanding debt and proposed borrowing, which the opposition claims is primarily aimed at financing consumption, luxury, and debt servicing.
The absence of tangible action plans to rejuvenate key sectors such as manufacturing, energy, agriculture, and education is cited as evidence that the Tinubu-led APC government lacks innovative ideas and is disconnected from the real-life challenges faced by Nigerians.
The PDP expresses grave concern over President Tinubu’s statement in the budget speech, wherein he adopts a Naira to US Dollar exchange rate of N750 for 2024. The opposition party sees this as an admission of failure and a lack of direction by the APC administration in managing and growing the economy to strengthen the national currency, productivity, and global competitiveness.
The PDP insists that transparent, honest, and innovative resource management, without an excessive focus on luxury consumption by a select few, will lead to a rapid turnaround in the economy and strengthen the Naira. The party contrasts this with the current administration’s surrendering of the national currency to market forces.
Concluding their critique, the PDP labels the 2024 budget as presented by President Tinubu as a representation of hopelessness for Nigerians. They urge the National Assembly, in line with its constitutional duties, to reject the budget and leverage its legislative powers to restructure provisions essential for economic growth and the welfare of Nigerians
