The opposition Peoples Democratic Party (PDP) has vehemently criticized President Bola Tinubu over the contents and provisions of the 2024 budget presented to the National Assembly on Wednesday.
In a statement issued by its National Publicity Secretary, Debo Ologunagba, the PDP accused the budget of being heavily padded and tailored to cater to the luxurious lifestyles of President Tinubu and members of the All Progressives Congress (APC) in power.
While President Tinubu had earlier presented a N27.5 trillion budget estimate for the 2024 fiscal year, the PDP, in its response, dubbed the budget unrealistic, asserting that it fails to address the needs of Nigerians. The party further contended that if approved, the budget would exacerbate economic depression for Nigerians due to provisions for increased taxes and multiple loans.
The PDP’s statement called on the National Assembly to reject the 2024 budget, expressing concerns about its potential negative impact on the nation’s economy and the welfare of its citizens.
In the statement, Ologunagba remarked, “The 2024 budget is filled with heavily padded figures, duplicated items and several false statistics, including claims of a global increase in the inflation rate as an excuse for an impending excruciating increase in taxes and interest rates, to the detriment of our productive sector.”
The party criticized the budget’s lack of concrete mechanisms to revive the economy, create jobs, address manufacturing and productive sector challenges, human capital development deficiencies, and depleting life expectancy. The PDP accused the budget of being designed to fund the luxurious appetites of the Presidency and APC leaders through foreign loans and increased taxes on Nigerians.
Highlighting concerns about the budget framework, the PDP cited figures for Recurrent Expenditure, Capital Expenditure, and debt services, deeming them unsustainable and unrealizable given the proposed borrowing targeted at financing consumption and debt servicing.
The statement also expressed dismay at President Tinubu’s acknowledgment of adopting a Naira to US Dollar exchange rate of N750 for 2024, interpreting it as a sign of failure and a lack of direction in managing and growing the economy. The PDP insisted that a transparent, honest, and innovative management of resources would lead to a rapid economic turnaround and strengthen the Naira.
In conclusion, the PDP called on the National Assembly to reject the 2024 budget and exercise its legislative powers to craft provisions critical to the growth of the economy and the welfare of Nigerians.
