Tinubu’s 2024 budget lacks detailed plans for economic revival – PDP

The Peoples Democratic Party (PDP) on Wednesday condemned the 2024 budget proposal presented by President Bola Tinubu.

The president had earlier on Wednesday presented the 2024 budget estimate of N27.5 trillion tagged: “Budget of Renewed Hope,” to the joint session of the National Assembly.

The president noted that the budget would reduce deficit and increase capital spending to facilitate economic growth.

However, in a statement issued by its National Publicity Secretary, Debo Ologunagba, the party declared that the budget proposal has no mechanisms for the recovery of the nation’s economy.

It warned that the budget would plunge the country into more economic depression and hopelessness.

The statement read: “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.

READ ALSO: President Tinubu targets 3.76% economic growth in 2024 fiscal year

“The 2024 budget is filled with heavily padded figures, duplicated items, and several false statistics including claims of the global increase in inflation rate as an 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.

“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.

“It is of grave concern 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 failure, incapacity, and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the national curre

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