“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.”