By Sani Aliyu, Zaria The National Chairman of the Peoples Redemption Party (PRP), Alhaji Falalu Bello, has criticized the 2024 Federal Budge...
By Sani Aliyu, Zaria
The National Chairman of the Peoples Redemption Party (PRP), Alhaji Falalu Bello, has criticized the 2024 Federal Budget, dubbed the "Budget of Renewed Hope," for failing to deliver on its promises. He highlighted the stark realities faced by Nigerians, including rising unemployment, inflation hitting 34.6%, and a contraction in Nigeria’s GDP.
In a press release issued on Monday and signed by the National Chairman, Alhaji Falalu Bello expressed concern over the budget's shortcomings. He noted that Nigeria’s status as the second-largest economy in Africa has been compromised, with multinational companies exiting the country and millions of small businesses shutting down.
Bello lamented the government’s inability to meet critical objectives, which has led to increased suffering among Nigerians. He described this as a troubling trend of fiscal irresponsibility.
In light of these challenges, the PRP raised serious concerns about the recently presented 2025 Appropriation Bill by President Bola Ahmed Tinubu. The proposed budget, with a projected expenditure of N49.7 trillion, allocates a staggering N15.81 trillion to debt servicing. According to Bello, this reflects a continuation of policies that exacerbate Nigeria’s economic difficulties.
The PRP National Chairman pointed out that the budget deficit of N13.08 trillion, coupled with insufficient revenue generation, poses significant risks to the nation’s financial stability. He criticized the allocation of 35% of expenditures to debt servicing, which leaves limited funding for critical sectors such as education, healthcare, and solid mineral development.
Bello highlighted the disparity in allocations, noting that the combined budget for education and healthcare is a mere N94 billion, while federal legislators are set to receive N125 billion. "Such misplaced priorities illustrate a concerning lack of commitment to improving the lives of ordinary Nigerians," he said.
The PRP also expressed alarm over recurring opaque budget items that lack accountability and the absence of clear reporting on the completion status of ongoing projects. This lack of transparency, the party warned, raises significant concerns about potential corruption. Additionally, the proposed funds for electricity supply appear insufficient to address the persistent issues in this critical sector.
In light of these concerns, the PRP called on the National Assembly to exercise due diligence in scrutinizing the 2025 Appropriation Bill. The party urged lawmakers to eliminate unnecessary and wasteful expenditures, ensure the budget is free from padding or misallocation, and reject inflated project costs. "Fiscal irresponsibility will not be tolerated; Nigerians deserve better governance," Bello stated.
The PRP also urged Nigerians to actively engage in holding the government accountable. "The pathways to economic recovery and sustainable growth must be paved with transparency and a genuine commitment to the welfare of citizens," the party emphasized.
Concluding the statement, the PRP called on Nigerians to support the party, which it described as steadfast in its dedication to the populace and committed to transformative change in future elections.
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