The People’s Democratic Party criticized the National Assembly for the 2024 N27.5 trillion budget proposed by President Bola Tinubu, calling it deceptive and saying there is no mechanism for economic recovery
President Tinubu announced a “new desired budget” before a joint meeting of the Senate and House of Representatives on the 29th.
The People’s Democratic Party criticized the National Assembly for the 2024 N27.5 trillion budget proposed by President Bola Tinubu, calling it deceptive and saying there is no mechanism for economic recovery.
President Tinubu announced a “new desired budget” before a joint meeting of the Senate and House of Representatives on the 29th.
In a statement signed by its National Public Relations Secretary, Devo Ologunagba, the PDP said it would reject the spending bill, saying it would plunge the country into an economic recession, if passed into law.
The statement looks like this:
“The PDP also explains President Tinubu’s claim that the budget is a conjured, unfounded, deceptive new hope budget because it completely lacks concrete mechanisms to revive the economy, create jobs, address the manufacturing and production sectors in a coma, flaws in human capital development and deplete the life expectancy of Nigerian citizens.”
“The 2024 budget is filled with a number of false statistics, including massive numbers, duplicate items, and claims of a global increase in inflation as an excuse for an impending excruciating increase in taxes and interest rates to undermine the productive sector.
“The proposed 2024 budget, with heavy provisions for the extravagant appetites of the President and the leaders of the All Progressives Congress (APC), will provide funding for multilateral and bilateral foreign loans and funding for the Niger Delta,” he said.
“The N9.9 trillion recurrent spending vote for debt services, the N8.7 trillion capital investment vote and the N8.25 trillion budget framework are unsustainable and unattainable when considering debt balances and proposed borrowing primarily aimed at financing consumption, luxury appetite and debt services.
“The lack of concrete and verifiable action plans to revive the manufacturing, energy, agriculture and education sectors, which are the main drivers of any economy, shows that the Tinub-led APC government has lost its ideas and is completely disconnected from the realities of life facing Nigerians.
“It is a grave concern that the President said in his budget speech that his government “adopted the Naira to US dollar exchange rate in 2024 of N750 per US dollar.”
“This is a clear sign of failure, incompetence and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the country’s currency, productivity and competitiveness in the global market.”
“A number of promises by the President and his government officials to insist on monetary policy to strengthen the Naira further confirmed that it was a deceptive ploy consistent with the APC of the past 8 and a half years.
“President Tinubu plunged the economy further into the abyss by adopting the defeated N1 per 1 USD, weakening the production sector and destroying the purchasing power of Nigerians and the creative power of young people,” he said.We recognize that it is almost impossible for small businesses and start-ups to access capital under such a choking budget.
“All responsible leadership strives to operate and defend the currency of that country. Unfortunately, the Tinubu-led government abandoned our national currency and pride on the whims and whims of the so-called “market forces”.
“The PDP, in the management of transparent, honest and innovative resources and the economic potential of the country, as witnessed under the apc, is the undue pursuit of luxury consumption by a small number of individuals in leadership positions,” he said.
“Therefore, this 2024 budget presented by President Tinubu represents despair for Nigerians. It is pathetic that the President, whose primary duty is to provide the safety and welfare of Nigerians as provided for in Article 14(2)(b) of the Constitution of the Federal Republic of Nigeria, can present a budget that is not directed towards the fulfillment of the constitutional duty imposed on him in 1999 (as amended).
“The PDP, in accordance with its constitutional obligations under the 1999 Constitution, Articles 80, 81 and 82, calls on the National Assembly to reject the proposed 2024 budget, use legislative powers to break down the budget and create provisions that are important and vitally important for economic growth and the welfare of Nigerians.”
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