Tinubu’s 2024 budget has no structure for economic recovery – PDP

The Peoples Democratic Party (PDP) has condemned the proposed N27.5 trillion budget for the 2024 fiscal year by President Bola Tinubu to the National Assembly as deceitful, adding that it has no structure for economic recovery.

According to a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP appealed to the National Assembly to decline the appropriation bill and argued that if allowed to pass, it would throw the country into economic depression.

Recall that Tinubu, earlier today presented the ‘Budget of Renewed Hope’ before a joint session of the Senate and the House of Representatives.

The statement partly reads:

“The PDP also describes the claim by President Tinubu that the budget is a Budget of Renewed Hope as conjured, unfounded and deceptive as the budget is completely devoid of concrete mechanisms to revive the economy, create jobs, address the comatose manufacturing and productive sectors, human capital development deficiencies and depleting life expectancy of Nigeria citizens.

The 2024 budget is filled with heavily padded figures, duplicated items and several false statistics including claims of global increase in inflation rate as excuse for an impending excruciating increase in taxes and interest rate to the detriment of our productive sector.

It is clear that the 2024 budget as proposed with its heavy provisions for luxury appetite of the Presidency and All Progressives Congress (APC) leaders which is predicated and expected to be funded from multilateral and bilateral foreign loans and increased taxes on Nigerians, is designed to further mortgage our nation and strangulate the already impoverished Nigerians.

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 unrealizable in view of the stated outstanding debt and proposed borrowing which is targeted mainly to finance consumption, luxury appetite and debt servicing.”