The Peoples Democratic Party has criticized 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 mechanism for economic recovery.
Vanguard reported that Tinubu, on Wednesday presented the ‘Budget of Renewed Hope’ before a joint session of the Senate and the House of Representatives.
In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP urged the National Assembly to reject the appropriation bill and argued that if allowed to pass, it would plunge the country into economic depression.
The statement 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.
“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 currency, productivity and competitiveness in the global market.
“It has further confirmed that the numerous promises by the President and officials of his government asserting a monetary policy to strengthen the Naira have been a deceptive ploy which is consistent with the APC in the past eight and half years.