The opposition Peoples Democratic Party (PDP) has slammed President Bola Tinubu over the content and provisions of the 2024 budget figures presented to the National Assembly on Wednesday.

The PDP in a statement by its National Publicity Secretary, Debo Ologunagba said the budget is heavily padded and designed to cater for the luxurious lifestyles of the President and members of the All Progressives Congress (APC) in power.

President Tinubu earlier on Wednesday, presented a N27.5 trn 2024 national budget estimate to a joint sitting of the National Assembly.

But the PDP in its reaction said the budget was unrealistic as it doesn’t address the needs of Nigerians.

The party added that if allowed to pass, the budget would plunge Nigerians further into economic depression due to the provisions of increased tax and multiple loans.

The PDP statement by Ologunagba called on the National Assembly to reject the 2024 budget.

Below is the full statement from the PDP on the 2024 budget.

“The Peoples Democratic Party (PDP) @OfficialPDPNig describes the N27.5 trillion budget for 2024 fiscal year as proposed by President Bola Tinubu
@officialABAT to the National Assembly @nassnigeria 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 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 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.

“It is of grave concern that the President in the budget speech stated that his government has “adopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024”.

“This is a clear admission of failure, incapacity and lack of direction by the APC administration to manage and grow the economy in such a way as to strengthen the national currency, productivity and competitiveness in the global market.

“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 strives 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 @OfficialAPCNg in 2015.

“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.