PDP denounces president Tinubu's 2024 Budget Proposal as a threat to Nigeria's economic well-being

The N27.5 trillion budget proposed by President Bola Tinubu for the 2024 fiscal year has been labeled a significant disservice by the Peoples Democratic Party (PDP). In a statement signed by its National Publicity Secretary, Hon. Debo Ologunagba, the PDP contends that if passed, the budget would exacerbate the challenges faced by Nigerians, leading to increased economic depression and hopelessness.

The PDP dismisses President Tinubu’s characterization of the budget as a “Budget of Renewed Hope” as concocted, baseless, and misleading. According to the party, the budget lacks concrete mechanisms to revive the economy, generate employment, address the stagnant manufacturing and productive sectors, rectify human capital development deficiencies, and improve the dwindling life expectancy of Nigerian citizens.

The PDP criticizes the 2024 budget for containing inflated figures, duplicated items, and inaccurate statistics, including claims of a global increase in inflation rates used as justification for anticipated tax hikes and interest rate increases detrimental to the productive sector.

The party argues that the budget, with its substantial provisions for the luxury preferences of the Presidency and All Progressives Congress (APC) leaders, funded through foreign loans and increased taxes on Nigerians, is designed to further mortgage the nation and burden its impoverished citizens.

The PDP highlights the budget’s framework, with a Recurrent Expenditure Vote of N9.9 trillion, Capital Expenditure Vote of N8.7 trillion, and N8.25 trillion for debt services, as unsustainable and unattainable given the existing debt and proposed borrowing, primarily directed towards consumption, luxury, and debt servicing.

Expressing grave concern, the PDP points out President Tinubu’s adoption of a Naira to US Dollar exchange rate of N750 for 2024, seeing it as an admission of the APC government’s failure, incapacity, and lack of direction in managing and strengthening the national currency.

The PDP asserts that the budget’s lack of concrete action plans for key economic sectors indicates a dearth of ideas and a disconnection from the realities faced by Nigerians by the Tinubu-led APC government. The party calls on the National Assembly to reject the budget and exercise its legislative powers to formulate provisions critical to economic growth and the welfare of Nigerians.