{"id":126091,"date":"2023-11-30T22:47:06","date_gmt":"2023-11-30T22:47:06","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/11\/30\/designed-to-fund-tinubu-apcs-luxury-appetite-pdp-faults-proposed-n27-5trn-budget-of-renewed-hope-as-hopeless\/"},"modified":"2023-11-30T22:47:06","modified_gmt":"2023-11-30T22:47:06","slug":"designed-to-fund-tinubu-apcs-luxury-appetite-pdp-faults-proposed-n27-5trn-budget-of-renewed-hope-as-hopeless","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/11\/30\/designed-to-fund-tinubu-apcs-luxury-appetite-pdp-faults-proposed-n27-5trn-budget-of-renewed-hope-as-hopeless\/","title":{"rendered":"\u2018Designed To Fund Tinubu, APC&#8217;s Luxury Appetite&#8217; \u2014 PDP Faults Proposed N27.5trn &#8220;Budget Of Renewed Hope&#8221; As Hopeless"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-857701\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/11\/PDP-logo-e1563035957817.jpg\" alt=\"\" width=\"685\" height=\"435\"  \/><\/p>\n<p>The Peoples Democratic Party (PDP) has faulted the proposed N27.5 trillion budget presented by President Bola Ahmed Tinubu to the National Assembly on Wednesday.<\/p>\n<p>Recall that Tinubu noted that the Appropriation Bill would cement macroeconomic stability, reduce deficit, increase capital spending and allocation to reflect the priority areas of his administration.<\/p>\n<p>The highlighted priority areas include security, local job creation, macro-economic stability, investment environment optimization, human capital development, poverty reduction and social security.<\/p>\n<p>Information Nigeria understands that the N27.5 trillion \u201cBudget of Renewed Hope\u201d is 26% higher than the 2023 budget presented by ex-President Muhammadu Buhari in 2022.<\/p>\n<p>Reacting to the proposed budget, PDP\u2019s spokesman, Debo Ologunagba, said if the appropriation bill is passed by the National Assembly, it will \u201cfurther asphyxiate Nigerians and plunge our nation into more economic depression and hopelessness.\u201d<\/p>\n<p>According to the Party\u2019s statement, the budget is \u201ccompletely devoid of concrete mechanisms to revive the economy\u201d, adding that it is filled with \u201cpadded figures and duplicated items.\u201d<\/p>\n<p>\u201cThe 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.<\/p>\n<p><strong>READ ALSO: Tinubu Presents N27.5trn \u2018Budget Of Renewed Hope\u2019 To NASS, Seeks Accelerated Passage (Full Text)<\/strong><\/p>\n<p>\u201cIt 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.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cThe 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.<\/p>\n<p>\u201cIt is of grave concern that the President in the budget speech stated that his government has \u201cadopted a Naira to US Dollar exchange rate of N750 per US Dollar for 2024.\u201d<\/p>\n<p>\u201cThis 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,\u201d the statement read.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Peoples Democratic Party (PDP) has faulted the proposed N27.5 trillion budget presented by President Bola Ahmed Tinubu to the National Assembly on Wednesday. Recall that Tinubu noted that the Appropriation Bill would cement macroeconomic stability, reduce deficit, increase capital spending and allocation to reflect the priority areas of his administration. The highlighted priority areas [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":126092,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-126091","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Designed To Fund Tinubu, APC&#039;s Luxury Appetite&#039; \u2014 PDP Faults Proposed N27.5trn &quot;Budget Of Renewed Hope&quot; As Hopeless - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/11\/30\/designed-to-fund-tinubu-apcs-luxury-appetite-pdp-faults-proposed-n27-5trn-budget-of-renewed-hope-as-hopeless\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Designed To Fund Tinubu, APC&#039;s Luxury Appetite&#039; \u2014 PDP Faults Proposed N27.5trn &quot;Budget Of Renewed Hope&quot; As Hopeless - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Peoples Democratic Party (PDP) has faulted the proposed N27.5 trillion budget presented by President Bola Ahmed Tinubu to the National Assembly on Wednesday. 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