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Tinubu’s 2024 Budget Deceitful, Has No Mechanism For Economic Recovery – PDP

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PDP tasks police on professionalism, ahead of Imo guber poll

Last Updated on November 30, 2023 by Fellow Press

by Bobloco: 8:31pm On Nov 29

Tinubu’s 2024 budget deceitful, has no mechanism for economic recovery- PDP
The Peoples Democratic Party has criticized the proposed N27.5 trillion budget for the 2024 fiscal year by President Bola Tinubu to the National Assembly as deceitful, adding that it has no mechanism for economic recovery.

Vanguard reported that Tinubu, on Wednesday presented the ‘Budget of Renewed Hope’ before a joint session of the Senate and the House of Representatives.

In a statement signed by its National Publicity Secretary, Debo Ologunagba, the PDP urged the National Assembly to reject the appropriation bill and argued that if allowed to pass, it would plunge the country into economic depression.

The statement reads: “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 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.

“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 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.

“The PDP calls on the National Assembly pursuant to its Constitutional duty under Section 80, 81 and 82 of the 1999 Constitution to reject the 2024 budget as presented and use its legislative powers to disassemble the budget and make provisions that are critical and pivotal to the growth of the economy and the welfare of Nigerians.”

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Food inflation soars by 61 per cent in one year– NBS

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Last Updated on June 18, 2024 by Fellow Press

Nigerians are finding it more difficult to feed themselves, as food inflation rose to 40.66 per cent in May.

This was as the cost of food rose by 61 per cent from 25.25 per cent in June 2023 to 40.66 per cent in May 2024, highlighting a steady rise in the cost of living.

This is according to an analysis of the latest Consumer Price Index and Inflation report released by the National Bureau of Statistics.

The CPI measures the average change over time in the prices of goods and services consumed by people for day-to-day living.

On Saturday, the NBS disclosed that headline inflation moved by 0.26 per cent to 33.95 per cent from 33.69 per cent recorded in April.

The report noted that the inflation rate climbed to a 28-year high since March 1996 on higher food and transport prices.

It said, “In May 2024, the headline inflation rate increased to 33.95 per cent relative to the April 2024 headline inflation rate which was 33.69 per cent.”

The statistics agency also reported major contributing items to headline inflation in May 2024 including food & non-alcoholic beverages (contributing 17.59 per cent), housing, water, and electricity, gas & other fuel (contributing 5.68 per cent), and clothing & footwear (contributing 2.60 per cent).

A breakdown of the data showed that the price of food commodities increased steadily from 25.25 per cent in June, to 26.98 per cent in July, 29.34 per cent, 30.64 per cent in August, 31.52 per cent in September, 31.52 per cent October, 32.84 per cent in November and 33.93 per cent as the end of December 2023.

The rate further increased to 35.41 per cent in January, 37.92 per cent in February, crossed the 40 per cent mark in March, 40.53 per cent in April and 40.66 per cent in May.

NBS said the rate rose to 40.66 per cent in May, compared to the 24.82 per cent reported in the same month last year — indicating an increase of 15.84 per cent points.

The bureau said semovita, oatflake, yam flour prepackage, garri, bean, etc (which are under bread and cereals class), Irish potatoes, yam, water yam, etc (under potatoes, yam and other tubers class), contributed to the year-on-year increase in the food inflation rate.

Other contributors are palm oil, vegetable oil, etc (under oil and fat), stockfish, mudfish, crayfish, etc (under fish class), beef head, chicken-live, pork head, and bush meat (under meat class).

“The food inflation rate in May 2024 was 40.66 per cent on a year-on-year basis, which was 15.84 per cent points higher compared to the rate recorded in May 2023 (24.82 per cent).

“The average annual rate of Food inflation for the twelve months ending May 2024 over the previous twelve-month average was 34.06 per cent, which was 10.41 per cent points increase from the average annual rate of change recorded in May 2023 (23.65 per cent),” the report said.

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Omokri tackles Peter Obi over his criticism of ‘new’ presidential jet for Tinubu

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Peter Obi

Last Updated on June 18, 2024 by Fellow Press

Former aide to ex-President Goodluck Jonathan, Reno Omokri, on Monday accused the 2023 Labour Party presidential candidate, Peter Obi, of lying over the reported purchase of a presidential jet for President Bola Tinubu.

Omokri said, contrary to Obi’s claim, the Nigerian government has no plans to buy a new private jet for Tinubu.

He clarified that the idea to change Tinubu’s presidential jet did not emanate from the presidency.

On Friday, the House of Representatives Committee on National Security and Intelligence asked the FG to purchase new aircraft for Tinubu and Shettima.

Reacting, Obi said: “It’s on record that our presidential jets have an average age of 12 years, purchased when most Nigerians could afford basic necessities. Now, as our country faces significant challenges, including a high debt profile, our citizens are in even greater need.”

However, Omokri faulted Obi’s comment, which he described as “another Gbajue lie.”

Posting on X, Omokri wrote: “The statement by Peter Obi condemning the Federal Government’s plan to buy new presidential jet for President Tinubu is another Gbajue lie from a man who has elevated lying to an art.

“The reason for this is because there is no such plan. It was the National Assembly that mooted the idea, as is their right. The Executive did not make such plans and has not budgeted any money for such a purpose.

“It is the same way he lied and blamed the Tinubu administration for spending N21 billion on the new residence of the Vice President. What he failed to tell his gullible supporters is that that project was initiated and funded by previous administrations, dating to when our party, the Peoples Democratic Party, was in office. Please note that Peter Obi was then our card-carrying member, but he did not attack the project.

“Mr. Peter Obi counts on your gullibility and refusal to research what you read before believing him. That is why he tells such fibs.”

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