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

TinubuVerseNews TinubuVerseNews
Business2 hours ago

Who Nigeria Owes: Full Breakdown as Public Debt Soars to ₦152.39 Trillion in June 2025

Nigeria’s total public debt has climbed to an all-time high of ₦152.39 trillion as of June 2025, according to new...

Professor Joash Amupitan 932x1024 1 Professor Joash Amupitan 932x1024 1
Politics2 hours ago

BREAKING: National Assembly Lawyers Ask Senate to Disqualify Joash Amupitan as INEC Chairman

Over 1,000 Nigerian lawyers under ALDRAP have petitioned the Senate to disqualify Prof. Joash Amupitan as INEC Chairman.

governor governor
News2 hours ago

Edo Gov Okpebholo Orders Probe into 17-Year-Old Who Bought 14,000 Hectares of Land in Cash

Edo State Governor Monday Okpebholo has ordered a probe into a 17-year-old boy who allegedly bought 14,000 hectares of land...

Ondo Governorship Primary Ondo Governorship Primary
Politics2 hours ago

‘They’re Undertakers’ – APC Mocks PDP, Says Defections Signal Final Burial of Opposition

The APC has mocked the PDP, calling its remaining members “undertakers” presiding over the opposition’s final collapse.

SOMTOCHUKWU CHRISTELLE MADUAGWU 1 SOMTOCHUKWU CHRISTELLE MADUAGWU 1
News3 hours ago

BREAKING: Burial Plans Announced for ARISE News Anchor Somtochukwu Maduagwu

ARISE News has announced the burial date for its late anchor and producer, Somtochukwu Maduagwu, who was tragically killed during...

somto somto
News3 hours ago

Fresh Details Emerge on How Arise News Staff Somtochukwu Was Killed in Abuja Robbery, as NFSS, Police Arrest Five Suspects

Fresh details have emerged on the killing of Arise News staff member Somtochukwu Maduagwu during a robbery attack in Abuja.

lookman lookman
Sports3 hours ago

Ademola Lookman Suspended for Nigeria vs Benin World Cup Qualifier, Coach Chelle Reacts

Nigeria’s Ademola Lookman will miss the crucial 2026 FIFA World Cup qualifier against Benin Republic after receiving his second yellow...

NFF Settles For Another Foreign Coach For Super Eagles NFF Settles For Another Foreign Coach For Super Eagles
Sports3 hours ago

2026 World Cup: What Super Eagles Must Do to Qualify After Narrow 2-1 Win Over Lesotho

Nigeria’s Super Eagles kept their 2026 FIFA World Cup hopes alive with a 2-1 win over Lesotho, but qualification remains...

Tinubu President Tinubu President
Business3 hours ago

BREAKING: Tinubu Govt Pushes Nigeria’s Debt to Record ₦152.4 Trillion in 90 Days, DMO Confirms Fresh Borrowing Surge

Nigeria’s total public debt has surged to a record ₦152.4 trillion as of June 2025, according to the Debt Management...

IMG 3869 IMG 3869
Entertainment4 hours ago

From Lagos Parties to London Court: Ex-BBC DJ Tim Westwood Charged with Rape

Former BBC DJ Tim Westwood has been charged with multiple sexual offences, including several counts of rape, covering alleged incidents...

Advertisement