Connect with us

Politics

N27 Trillion 2024 Budget, Designed To Suffocate Poor Nigerians, PDP Opposes

The PDP is calling on the National Assembly to thoroughly examine the proposed budget.

Published

on

Tinubu VerseNews002
President Bola Ahmed Tinubu Presenting the 2024 Budget

The ‘Budget of Renewed Hope’ presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday has been criticized by the opposition Peoples Democratic Party (PDP).

According to the PDP, the N27.5trn budget estimates are aimed at oppressing poor Nigerians. In a statement by its spokesman, Debo Ologunagba, the party alleged that the budget presented by the All Progressives Congress (APC) administration contains inflated figures and duplicated items.

VerseNews reports that the PDP is calling on the National Assembly to thoroughly examine the proposed budget.

During his budget presentation, President Tinubu emphasized that the proposed budget will promote economic stability, reduce poverty, and enhance access to social security, among other objectives.

The President emphasized key focus areas including security, promoting local employment, ensuring macroeconomic stability, enhancing the investment climate, developing human capital, reducing poverty, and strengthening social security.

Providing a detailed breakdown of the budget projections, the President allocated N9.92 trillion for recurrent non-debt expenditure, N8.73 trillion for capital expenditure, N8.25 trillion for debt service, N18.32 trillion for revenue, N7.83 trillion for new borrowings, and N9.18 trillion for the deficit.

However, in a reaction hours after the budget proposal, the PDP described the budget estimates as a “huge disservice which, if allowed to pass, will further asphyxiate Nigerians and plunge our nation into more economic depression and hopelessness”.

“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 statement partly read.

“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.”

The economy has been plunged into an abyss, the productive sector has been weakened, and the purchasing power of Nigerians has been wrecked by Tinubu’s adoption of N750 per US Dollar exchange rate, according to the opposition party.

WhatsAppCOnnect

Stay ahead with VerseNews. Get the latest breaking news, insightful analysis, and trending stories. Your go-to source for timely updates and unbiased reporting.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

WATCH: Nigeria Newspaper Headline Today

Apply For Latest Job Openings

Trending

wanted wanted
News9 hours ago

BREAKING: EFCC Declares Atiku’s Son-in-Law, Bashir Haske, Wanted for Alleged Money Laundering

The Economic and Financial Crimes Commission (EFCC) has declared Abdullahi Bashir Haske, son-in-law of former Vice-President Atiku Abubakar, wanted.

pricillia ojo pricillia ojo
Celebrity Gist2 days ago

Priscilla Ojo And Husband, Juma Jux reveal Their Baby’s Gender (VIDEO)

Nigerian influencer Priscilla Ojo and Tanzanian singer Juma Jux have taken their love story to the next chapter with a...

INECVerseNewsNG15 INECVerseNewsNG15
Politics2 days ago

INEC Declares Politician Serving Jail Term Winner of Assembly Rerun Election

INEC further announced that Certificates of Return would be presented to successful candidates on August 21 and 22, 2025.

bbnaijas10 bbnaijas10
Big Brother Naija2 days ago

Love Triangles, Betrayal and Apologies Shake Biggie’s House

Emotions ran high on Thursday as Denari’s bond with Doris sparked tension, forcing apologies, confessions and fresh drama in Biggie’s...

davido chioma davido chioma
Celebrity Gist2 days ago

Chioma Adeleke Returns to Instagram After 3 Years With Emotional Tribute to Son Ifeanyi, Davido Reacts

Chioma Adeleke, wife of Davido, made her first Instagram post in three years after losing her son, Ifeanyi.

mide and bright morgan bbnaija mide and bright morgan bbnaija
Big Brother Naija2 days ago

BBNaijaS10: Mide Puts Bright Morgan On a Ship Probation

Tensions flared in the Big Brother house as Mide confronted Bright Morgan over their budding relationship.

SERAP Gives Wike, Sani Others 7 Days To Account For N5.9trn, $4.6bn Loans SERAP Gives Wike, Sani Others 7 Days To Account For N5.9trn, $4.6bn Loans
Politics2 days ago

Leaked Memo Exposes Wike’s Claim of No PDP NEC Invitation

A leaked memo has revealed that FCT Minister, Nyesom Wike, was duly invited to the Peoples Democratic Party’s (PDP) NEC...

social media scaled 1 social media scaled 1
News2 days ago

BREAKING: FG Shuts Down 13 Million Social Media Accounts, Enforces Code of Practice

The Federal Government has released new compliance figures under its 2024 Code of Practice, showing millions of actions taken against...

NCAA Airplane jpg 780x470 1 NCAA Airplane jpg 780x470 1
News3 days ago

NCAA Bans Use of ‘Flight Mode’, Orders Complete Phone Shutdown During Take-Off

The NCAA has banned “flight mode,” directing that all phones and devices be completely switched off during take-off and landing.

otega evicted1 otega evicted1
Big Brother Naija6 days ago

BBNaijaS10: Otega and Kayikunmi Evicted From the Reality Show

Otega and Kayikunmi have been evicted from Big Brother Naija Season 10, leaving 24 housemates in the race for the...

Advertisement