Tinubu’s 2024 budget deceptive, has no mechanism for economic recovery
The Peoples Democratic Party has criticized the N27.5 billion budget proposal for the 2024 fiscal yr by President Bola Tinubu to the National Assembly, calling it deceptive and saying it has no mechanism for economic recovery.
President Tinubu, on Wednesday, November 29, offered the ‘Renewed Hope Budget’ earlier than a joint session of the Senate and House of Representatives.
In an announcement signed by its National Publicity Secretary, Debo Ologunagba, the PDP urged the National Assembly to reject the appropriation invoice, saying it could plunge the nation into economic melancholy if handed into regulation.
“The PDP also describes President Tinubu’s claim that the budget is a Renewed Hope Budget as conjured, baseless and misleading as the budget is completely devoid of concrete mechanisms to revive the economy, create jobs, address the industrial and productive sectors in coma, deficiencies in human capital development and decreased life expectancy of Nigeria’s citizens.
“The 2024 budget is full of heavily padded numbers, duplicate items and various false statistics, including allegations of a global increase in the inflation rate as an excuse for an imminent excruciating increase in taxes and interest rates to the detriment of our productive sector.
“It is clear that the 2024 budget as proposed, with its heavy provisions for the luxury appetite of the leaders of the Presidency and the All Progressives Congress (APC), which is based on and expected to be financed by multilateral and bilateral foreign loans and increasing taxes on Nigerians, is designed to further mortgage our nation and strangle the already impoverished Nigerians.
“The budgetary framework with regards to the vote on recurrent expenditure of N9.9 billion, the vote on capital expenditure of N8.7 billion and the N8.25 billion for debt services is unsustainable and unrealizable considering the outstanding debt declared and proposed loans that are mainly directed to finance consumption, appetite for luxury and debt service.
“The lack of concrete and verifiable action plans to revitalize the manufacturing, energy, agriculture and education sectors, which are the main drivers of any economy, is an indicator that the Tinubu-led APC government is devoid of ideas and completely disconnected from the reality of life. faced by Nigerians.
“It is gravely worrying that the President, in the budget speech, stated that his government “has adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024”.
“This is a clear admission of the failure, inability and lack of direction on the part of the APC administration to manage and grow the economy to strengthen the national currency, productivity and competitiveness in the global market.
“It further confirmed that the numerous promises by the President and his government officials asserting a monetary policy to strengthen the Naira were a deceitful ploy that is consistent with the APC over the last eight and a half years.
“By adopting a defeatist exchange rate of N750 per US dollar, President Tinubu has plunged our economy further into the abyss, weakened our productive sector, destroyed the purchasing power of Nigerians and the ability of young people 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 stifling budget.
“Every responsible leadership strives to work and defend its national currency. Unfortunately, the Tinubu-led government has handed over the currency and pride of our nation to the whims and caprices of so-called “market forces”.
“The PDP insists that with transparent, honest and innovative management of the nation’s resources and economic potential; Without the inordinate pursuit of luxury consumption by a few individuals in leadership positions, as witnessed under the APC, the economy will witness a rapid turnaround and the Naira will strengthen to its value of less than N200 per US dollar bequeathed by the PDP to APC in 2015.
“This 2024 budget presented by President Tinubu, therefore, represents hopelessness for Nigerians. It is pathetic that the President, whose primary duty is to ensure the security and well-being of Nigerians as envisaged in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), can present a budget which is not oriented towards fulfilling that constitutional duty imposed on it.
“The PDP calls on the National Assembly, in accordance with its constitutional duty under Sections 80, 81 and 82 of the 1999 Constitution, to reject the 2024 budget as presented and to use its legislative powers to dismantle the budget and make provisions that are critical and fundamental to the growth of the economy and the well-being of Nigerians.”
Source: www.lindaikejisblog.com