Trouble As National Assembly Told To Reject Tinubu’s 2024 Budget

Trouble As National Assembly Told To Reject Tinubu’s 2024 Budget

The proposed N27.5 trillion budget for the 2024 fiscal year by President Bola Tinubu to the National Assembly has been characterized by the Peoples Democratic Party (PDP) as deceptive, constricting, and devoid of hope.

In a statement released on Wednesday, the PDP’s National Publicity Secretary, Debo Ologunagba, expressed concern that if the budget is approved, it will exacerbate the nation’s economic downturn and increase the sense of despair.

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The opposition party called on the National Assembly to fulfill its constitutional duties outlined in Sections 80, 81, and 82 of the 1999 Constitution by rejecting the presented 2024 budget.

“The PDP calls on the National Assembly pursuant to its Constitutional duty under Section 80, 81 and 82 of the 1999 Constitution to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians,” the party said.

Ologunagba expressed concern that the budget lacks tangible strategies to rejuvenate the economy, generate employment, tackle the stagnant manufacturing and productive sectors, address deficiencies in human capital development, and counteract the declining life expectancy of Nigerian citizens.

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He accused the 2024 budget of containing inflated figures, duplicated items, and misleading statistics, including assertions of a global rise in the inflation rate. The PDP National Publicity Secretary asserted that the budget relies on funding from foreign loans and increased taxes on Nigerians, suggesting that it is structured to exacerbate the nation’s financial burdens and further oppress the already impoverished citizens.

The statement read in part, “The budget framework with respect to Recurrent Expenditure Vote of N9.9 trillion, Capital Expenditure Vote of N8.7 trillion and N8.25 trillion for debt services is unsustainable and unrealiaable 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.

“By adopting a defeatist N750 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 N200 per US Dollar bequeathed by the PDP to the APC in 2015

“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.”

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