It’ll plunge country into more economic depression, hopelessness –PDP

The Peoples Democratic Party (PDP) has described the N27.5 trillion Appropriation Bill as deceptive.

In a statement by the National Publicity Secretary, Debo Ologunagba, it said if passed, it would plunge the country into more economic depression and hopelessness.”

The opposition party dismissed the christening of the Appropriation Bill as a Budget of Renewed Hope as unfounded, stating that it was devoid of concrete plans to create jobs and revive the economy.  Consequently, the PDP charged the National Assembly to reject the Appropriation Bill, as presented, and use its legislative powers to overhaul to address critical needs in the economy.

“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 impoverish 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 driver of any economy is a pointer that the Tinubu-led APC government is bereft of ideas and completely disconnection from the reality of life being faced by Nigerians.”

The PDP stated that the adoption of N750 that a US dollar as exchange rate for 2024, is an ad is of failure by the All Progressive Congress (APC) led Federal Government.

“It has further confirmed that the numerous promises by the President and officials of his government asserting a monetary policy to strengthen the Naira have been a deceptive ploy which is consistent with the APC in the past eight and half years.

“By adopting a defeatist N750 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.

“Every responsible leadership strive to work and defend its national currency. Unfortunately, the Tinubu-led government has surrendered our nation 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 position, as being witnessed under the APC, the economy will witness a rapid turn-around and the Naira strengthened to its value of below N200 per US Dollar bequeathed by the PDP to the APC in 2015

“This 2024 budget as presented by President Tinubu therefore represent 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 toward the attainment of that Constitutional duty imposed on him”, it posited.

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