In a scathing press statement released on November 29, 2023, the Peoples Democratic Party (PDP) vehemently criticized President Bola Tinubu’s proposed N27.5 trillion budget for the 2024 fiscal year. Describing it as deceitful, strangulating, and hopeless, the PDP asserted that the budget lacks mechanisms for economic recovery and is poised to further burden Nigerians with increased taxes and a weakened national currency.
The PDP accused President Tinubu of presenting a budget devoid of concrete plans to revive the economy, generate employment, and address critical issues in sectors such as manufacturing, human capital development, and healthcare. The party expressed concern over inflated figures, duplicated items, and misleading statistics within the budget, indicating a potential escalation in taxes and interest rates.
A particularly alarming aspect highlighted by the PDP is the proposed exchange rate of N750 per US Dollar for 2024. The party argued that this admission of failure reflects the government’s incapacity to manage the economy effectively, resulting in a weakened productive sector and diminished purchasing power for Nigerians. The PDP criticized the administration for surrendering the nation’s currency to market forces and emphasized the need for transparent and innovative resource management.
The party insisted that a responsible leadership should defend its national currency and pointed to the APC’s alleged pursuit of luxury consumption at the expense of economic stability. Drawing attention to the contrast with the PDP’s legacy, the PDP claimed that a transparent and honest approach to resource management could lead to economic recovery and a stronger Naira, contrasting the current situation with the value of below N200 per US Dollar achieved in 2015.
In conclusion, the PDP declared the 2024 budget as presented by President Tinubu to be a representation of hopelessness for Nigerians. They called on the National Assembly to exercise its constitutional duty and reject the budget, urging legislators to dismantle it and formulate provisions that align with the nation’s economic growth and the welfare of its citizens.
