Onwuka Nzeshi 
…says proposals superfluous, unrealistic, anti-people
The People’s Redemption Party ( PRP),
has consigned to the dustbin, the 2024 Appropriation Bill, describing the proposals as superfluous, unrealistic, and anti-people.
The opposition party said the bill was an indication that President Bola Tinubu and the All Progressives Congress (APC) were yet to be ready for nation-building and did not have a path to the good future that Nigerians seek at this time.
It would be recalled that Tinubu had on November 29, 2023, presented the 2024 Appropriation Bill to a joint session of the National Assembly.
The 2024 budget, he said, is focused on employment creation, macroeconomic stability, investment promotion, human capital development, poverty alleviation, and social investment, as well as defense and internal security.
In the budget, he said, provisions have been made to enhance the law enforcement capabilities of the security forces and overhaul the internal security architecture of the country.
But in a review of the budget over the weekend, the PRP said that the underlying assumptions of the budget had shown clearly that Tinubu and his team lacked a clear understanding of the current state of the Nigerian economy and how to pull the nation out of the doldrums.
The opposition party faulted the N8.25 trillion earmarked for debt servicing, a whopping 30 per cent of expenditure projection, saying this is more than fifteen 15 times the value of proposed expenditure on social investment, which is put at N534 billion or two per cent (2%) of the proposed total expenditure.
The National Chairman of the party, Falalu Bello, said while the statistics of the budget appear good on the surface, the details beneath show clearly that the current administration is still a relic of the past eight years of misrule.
Bello accused the Tinubu administration of “jealously protecting the few oligarchs” while paying lip service to poverty alleviation in a country where 130 million out of 220 million of her population are living in multidimensional poverty.
“This is a sign that the government is not interested in the welfare of its people, especially as the most significant portfolio of the government for budget deficit financing is to borrow more when it should show restraints in expenditure, block leakage and improve tax collection and administration.
” Indeed, with the removal, or should we say the reduction of subsidy on Petrol and the devaluation of our currency with a decree, the misery index has worsened.
“These policies were announced without any consideration to the state of affairs of the common man! The masses are dying in droves arising from hunger, malnutrition, and diseases.
“The government appears helpless, tactless, and unconcerned! How terrible and wicked can one be just a few months after winning elections?
“The recent adjustment of the exchange rate announced by the Central Bank which further devalued the National Currency by about 27 per cent has already derailed the 2024 Budget as it will increase the amount required for debt servicing, increase borrowing, and more important increase inflation with its dire consequence of increasing poverty in the land. Indeed, the poor and vulnerable people would increase in quantum with this further devaluation.
“The Bola Tinubu Administration must stop the continuous devaluation of the naira which it has done continuously since it came to power.
“The assumption that crude oil price would be at US$77.96 per barrel is extremely high and ambitious given that the current price of crude oil is in the region of US$81 per barrel!
A nation that has not invested much in its oil sector to improve productivity is budgeting a massive increase in crude oil production from 1.33 million barrels per day to 1.79 million barrels per day. This, to say the least, is superfluous and dangerous.
“A government that claims it inherited bankrupt and empty treasury appears not to be circumspect of the state as its actions particularly in making appointments does not appear to show that the administration is indeed serious in its desire to provide “renewed hope”.
Clearly, given the fact we are borrowing as a nation to fund our recurrent expenses, we should cut down on cost, manage to spend, and block leakage, the administration is carrying on with “governance as usual”.
“A council of 48 ministers and hosts of assistants and advisers at a time when we should be cutting costs is certainly a wrong way to manage our economy as of today. Frugality, tight monetary, and fiscal policies as well as avoiding waste and unnecessary spending should be the order of the day for a serious administration.
“A critical look and review of the sectoral allocation of funds further reveal the level of thinking of the people in government today, the somewhat deceitful approaches to revenue generation and spending, and the clear absence of any strategic thinking of how best to get us out of the doldrums.
“The President claims to be aiming for a trillion-dollar economy in the not-too-distant future, yet projected GDP growth is pegged at 3.76% per annum! Elementary students of economics will tell you this is not a dream but a mere wishful thinking.
“The assumption on inflation rate is also deceitful as everyone is aware that the current inflation level is well above the National Bureau of Statistics data of 27 per cent. Food inflation is in the region of 35 to 40 per cent , and the government is planning inflation to be at about 21per cent despite all its inflationary policies.
“The somewhat euphoria by the Finance Minister that the 2024 Appropriation Proposal has a lower deficit estimate is laughable. When and where you remove subsidies on petrol prices, and you also devalue our currency, common sense will tell you that more money will accrue to the government.
“It’s thus a no-brainer that you record a lower deficit that, given the somewhat suspicious assumptions as stated earlier, may turn out to be worse than the estimated figures at the end of the period.
“Further to all said above, the 2024 Appropriation Bill shows that the federal government plans to give more money to state and local governments, but the Government does not seem concerned about putting functional machinery in place to ensure that such funds will be properly utilized, especially as it is a common knowledge across the country that the governors not only do not do enough to take development to the doorsteps of their people, they also strangulate local governments by not giving them access to the funds meant for them from federation accounts. This has crippled local governments all over the country.
“Without checking the state governors and ensuring proper local government autonomy, the federal government is only playing to the gallery on fiscal federalism,” Bello said.
“The opposition party also faulted the plan by the Tinubu administration to rely on foreign investors in reviving the economy without due recourse to Nigerian investors. According to Bello, this emphasis on partnering with foreign investors is another way of being illusionary in the nation’s developmental drive.
“The strategy for social investment whereby people will get a meager share of items for relief is largely flawed. It has never solved any poverty challenges. Instead of spending to make Nigerians beggars, the funds should be invested in critical infrastructure, empowering youths to become entrepreneurs, and strengthening the operation of social insurance policies for insurance companies.
“This will not only reduce the burden on government, it will also enhance the social sector and boost government revenue through taxes and royalties.
“As students’ loan is targeted at making students complete their academic studies, the proposed 2024 Budget is yet to address other salient areas of sustainably funding the university system. University autonomy is not negotiable, but it is not taken care of in the Appropriation Bill.
“The Governing Council of each university must be in charge of running them, while each department should commercialize their works and research outputs. They should also involve the students to work for and with them.
“This will bring income to the departments and students, reduce the propensity of hiking school fees as departments will earn much more than whatever they can realize from school fees, and provide substantial experience for the students.
“This will be a big boost for our education system,” he said.
The PRP said that the 2024 budget is a cosmetic document that is aimed at glorifying mediocrity and continuous impoverishment of the people and can neither promote development nor protect the welfare of the people.
