ADVERTISEMENT

PDP asks National Assembly to reject Tinubu’s 2024 budget

PDP says the budget lacks verifiable action plans to revive some sectors of the economy.

Debo Ologunagba [Punch]

The President had earlier on Wednesday, November 29, 2023, presented the budget to the National Assembly, tagging it the ‘Budget Of Renewed Hope’.

In his presentation, President Tinubu said the budget will ensure micro-economic stability, poverty reduction, and greater access to social security, amongst others.

But the opposition party is not pleased with the details of the budget, saying if allowed to pass, it will plunge Nigerians into more economic depression and hopelessness.

ADVERTISEMENT

In a statement by its spokesperson, Debo Ologunagba, the PDP said the budget lacks verifiable action plans to revive some sectors of the economy.

The statement reads in part, “The budget framework with respect to Recurrent Expenditure Vote of 9.9 trillion, Capital Expenditure Vote of 8.7 trillion and 8.25 trillion for debt services is unsustainable and unreliable given 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.

The opposition party also berated the President for adopting ₦750 per US dollar as the exchange rate, saying a responsible leader is expected to defend the national currency of his country.

According to the party, “By adopting a defeatist 750 per US Dollar exchange rate, President Tinubu has further plunged our economy into the abyss, weakened our productive sector, wrecked the purchasing power of Nigerians and the capacity of the youths to be creative, recognizing that it will be almost impossible for Small and Medium Enterprises as well as Startups to access capital under such a suffocating budget.”

ADVERTISEMENT

“Every responsible leadership strives to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation’s currency and pride to the whims and caprices of the so-called market forces.

“The PDP insists that with a transparent, honest, and innovative management of resources and economic potentials of the nation; without inordinate pursuit of luxury consumption by a few individuals in leadership positions, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below 200 per US Dollar bequeathed by the PDP to the APC in 2015.

The PDP, therefore, charged the National Assembly to reject the 2024 budget, adding that the budget represented hopelessness for Nigerians.

“This 2024 budget as presented by President Tinubu therefore represents hopelessness for Nigerians. It is pathetic that the President whose main duty is to provide for the security and welfare of Nigerians as provided for in Section 14 (2) (b) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) could present a budget that is not geared towards the attainment of that Constitutional duty imposed on him,” the party said.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Don't offer a bribe to my people, report anyone to me - Tinubu tells Qatari investors

Don't offer a bribe to my people, report anyone to me - Tinubu tells Qatari investors

AfDB supports Nigeria with $134m to cultivate rice, maize, cassava, soybeans

AfDB supports Nigeria with $134m to cultivate rice, maize, cassava, soybeans

Business owners in FCT count losses amid worsening power supply

Business owners in FCT count losses amid worsening power supply

'Mai shayi' laments drop in sales as Indomie price skyrockets

'Mai shayi' laments drop in sales as Indomie price skyrockets

President Tinubu mourns Nollywood duo Mr Ibu, Sisi Quadri

President Tinubu mourns Nollywood duo Mr Ibu, Sisi Quadri

Church turns to bread business to raise money amid economic hardship

Church turns to bread business to raise money amid economic hardship

Fire destroys 50 acres of palm trees, pineapples worth ₦150m in Osun

Fire destroys 50 acres of palm trees, pineapples worth ₦150m in Osun

NDLEA intercepts 3.1m pills of opioids, others in 6 states

NDLEA intercepts 3.1m pills of opioids, others in 6 states

Global unrest is a sign we are in the last days – Cleric

Global unrest is a sign we are in the last days – Cleric

Pulse Sports

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Popular TV host Kate Abdo makes it official with boyfriend, cuddles up with him on Instagram post

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Sha'Carri Richardson's Nike falls to New Balance in revenue growth for 2023

Ex-Arsenal midfielder rushed to hospital following brain-related injury

Ex-Arsenal midfielder rushed to hospital following brain-related injury

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

I don't want him punished — Greenwood opens up on feelings after Bellingham's alleged name-calling

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

Rinsola Babajide and Ashleigh Plumptre: England stars reunite with Super Falcons of Nigeria

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

‘I must marry Osimhen’ - Busty Nigerian fan declares after Napoli star nets in Cagliari draw

ADVERTISEMENT
ADVERTISEMENT