Trade Union Congress (TUC) of Nigeria has strongly criticized the 2024 budget signed by Bola Ahmed Tinubu, asserting that it predominantly benefits the country’s ruling elite while neglecting the broader population.
In a statement released today, TUC President Comrade Festus Osifo and Secretary General Comrade Nuhu Toro expressed disappointment, emphasizing the budget’s substantial allocation of N28.7 trillion. They contended that despite the sizable figure, the provisions fell short of addressing the pressing economic challenges faced by ordinary Nigerians.
A primary concern highlighted by the congress was the allocation of N8.25 trillion for debt servicing.
They criticized the budget’s disproportionate focus on recurrent expenditure at N9.92 trillion compared to capital expenditure at N8.7 trillion, arguing that this imbalance hindered the potential for economic growth and poverty alleviation.
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“The budget’s structure seems tailored to serve the interests of the ruling class, neglecting the pressing needs of the wider population,” TUC stated.
The TUC condemned the ostentatious displays of wealth by some members of the political class, particularly as the nation grapples with a high unemployment rate, pervasive poverty, and associated social and security risks.
In urging a shift in policy focus, the TUC called for immediate measures to address inflation, currency devaluation, high fuel prices, and the nation’s overreliance on imports. They demanded stricter measures to curb unnecessary government loans and frivolous spending by officials.
Furthermore, the TUC stressed the necessity for implementing labor agreements, advocating for the prompt payment of the N35,000 Wage Award to public servants and a comprehensive review of the national minimum wage.