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The Peoples Democratic Party (PDP) says President Bola Tinubu’s 2024 budget represents hopelessness for Nigeria.
The President had earlier on Wednesday, November 29, 2023, presented the budget to the National Assembly, tagging it the ‘Budget Of Renewed Hope’.
In his presentation, President Tinubu said the budget will ensure micro-economic stability, poverty reduction, and greater access to social security, amongst others.
But the opposition party is not pleased with the details of the budget, saying if allowed to pass, it will plunge Nigerians into more economic depression and hopelessness.
In a statement by its spokesperson, Debo Ologunagba, the PDP said the budget lacks verifiable action plans to revive some sectors of the economy.
The statement reads in part, “The budget framework with respect to Recurrent Expenditure Vote of ₦9.9 trillion, Capital Expenditure Vote of ₦8.7 trillion and ₦8.25 trillion for debt services is unsustainable and unreliable given the stated outstanding debt and proposed borrowing which is targeted mainly to finance consumption, luxury appetite and debt servicing.
“The lack of concrete and verifiable action plans to revive the manufacturing, energy, agricultural, and education sectors which are the main drivers of any economy is a pointer that the Tinubu-led APC government is bereft of ideas and completely disconnected from the reality of life being faced by Nigerians.
The opposition party also berated the President for adopting ₦750 per US dollar as the exchange rate, saying a responsible leader is expected to defend the national currency of his country.
According to the party, “By adopting a defeatist ₦750 per US Dollar exchange rate, President Tinubu has further plunged our economy into the abyss, weakened our productive sector, wrecked the purchasing power of Nigerians and the capacity of the youths to be creative, recognizing that it will be almost impossible for Small and Medium Enterprises as well as Startups to access capital under such a suffocating budget.”
“Every responsible leadership strives to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation’s currency and pride to the whims and caprices of the so-called market forces.
“The PDP insists that with a transparent, honest, and innovative management of resources and economic potentials of the nation; without inordinate pursuit of luxury consumption by a few individuals in leadership positions, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below ₦200 per US Dollar bequeathed by the PDP to the APC in 2015.
The PDP, therefore, charged the National Assembly to reject the 2024 budget, adding that the budget represented hopelessness for Nigerians.
“This 2024 budget as presented by President Tinubu therefore represents hopelessness for Nigerians. It is pathetic that the President whose main duty is to provide for the security and welfare of Nigerians as provided for in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) could present a budget that is not geared towards the attainment of that Constitutional duty imposed on him,” the party said.