The opposition Peoples Democratic Party (PDP) has lambasted the 2024 budget proposal of N27.5 trillion presented by Bola Tinubu to the National Assembly on Wednesday, saying it is a budget of deceit that has no mechanism for economic recovery.
In a statement issued by its National Publicity Secretary, Debo Ologunagba, the PDP said the budget, which Tinubu dubbed the ‘Budget of Renewed Hope’, is actually a budget of renewed hardship and hopelessness for Nigerians.
The PDP accused Tinubu of padding the budget with inflated figures, duplicating items and using false statistics to justify an impending increase in taxes and interest rates that would hurt the productive sector and the masses.
The party also faulted the budget framework, which allocates N9.9 trillion for recurrent expenditure, N8.7 trillion for capital expenditure, and N8.25 trillion for debt servicing, saying it is unsustainable and unrealizable given the country’s huge debt burden and proposed borrowing.
The PDP further expressed concern over the lack of concrete and verifiable action plans to revive the key sectors of the economy, such as manufacturing, energy, agriculture and education, which it said are the main drivers of any economy.
The party also criticized Tinubu for admitting that his government has adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024, saying it is a clear admission of failure, incapacity and lack of direction by the APC administration to manage and grow the economy and strengthen the national currency.
The PDP urged the National Assembly to reject the appropriation bill and demand a realistic and pro-people budget that would address the economic challenges facing the country and improve the living standards of Nigerians.