NEWS
BREAKING: PDP Shreds Tinubu’s 2024 Budget
. . . Considers It, Deceitful, Strangulating and Hopeless
The Peoples Democratic Party (PDP) has shredded the 2024 Budget laid before the National Assembly by President Bola Ahmed Tinubu, insisting that it “has no mechanism for economic recovery”.
The main opposition took to its verified X handle, Wednesday evening, to make its views on the proposed budget public, via a statement.
The party wrote under the subject, ‘Tinubu’s 2024 Budget, Deceitful, Strangulating and Hopeless – PDP’. ‘…Has No Mechanism for Economic Recovery, N750/US1 Suffocating’.
Here is the full text of the statement, “The Peoples Democratic Party (PDP) @OfficialPDPNig describes the N27.5 trillion budget for 2024 fiscal year as proposed by President Bola Tinubu @officialABAT to the National Assembly @nassnigeria as a huge disservice which, if allowed to pass, will further asphyxiate Nigerians and plunge our nation into more economic depression and hopelessness.
“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 @OfficialAPCNg in 2015.”
Oil marketers have warned that Nigerians may soon pay as much as ₦1,500 per litre for Premium Motor Spirit (PMS), commonly known as petrol, as global oil prices surge following the escalating conflict involving Iran in the Middle East.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, issued the warning on Tuesday while speaking on a television programme on the impact of the global crisis on fuel prices.
According to him, the current volatility in the international oil market has already pushed petrol prices above ₦1,000 per litre at the depot level, with the ex-depot price from the Dangote Petroleum Refinery now standing at about ₦1,175 per litre.
He explained that once logistics, transportation, and other operational costs are added, the final pump price could rise significantly, possibly reaching ₦1,500 per litre in the near future.
Despite concerns about the rising cost of fuel, Gillis-Harry noted that steady availability of petroleum products from the Dangote Refinery remains a major relief for Nigeria, stressing that consistent supply is better than a nationwide fuel scarcity.
He added that the refinery’s production capacity is helping to stabilize supply across the country at a time when global markets remain highly unstable.
The latest price adjustment by the Dangote Refinery marks the fourth review within two weeks. Petrol prices increased from ₦995 per litre to ₦1,175 per litre, while diesel rose from ₦1,430 to about ₦1,620 per litre.
The development comes amid a sharp spike in international crude oil prices triggered by fears of supply disruptions due to the ongoing Middle East conflict.
Brent crude recently climbed above $102 per barrel, while West Texas Intermediate (WTI) rose to around $101 per barrel.
Industry analysts say the rising oil prices are already having a ripple effect on Nigeria’s downstream petroleum sector, forcing depot operators and fuel marketers to adjust their prices in response to the global market trend.
Meanwhile, the management of Dangote Petroleum Refinery has stated that although Nigeria introduced a crude-for-naira arrangement to support local refineries, the facility still purchases crude oil at international market prices, leaving it exposed to global price fluctuations.
The United Nations has raised the alarm over a dramatic surge in attacks on schools worldwide, reporting a 166% increase between 2021 and 2024.
The rise highlights the escalating dangers faced by children in conflict zones.
United Nations Deputy High Commissioner for Human Rights, Nada Al-Nashif, revealed the figures during the annual meeting of the UN Human Rights Council on the rights of the child on Monday.
The session, themed “Mainstreaming the Rights of Children in Armed Conflict: Prevention and Protection,” focused on protecting children amid global conflicts.
Al-Nashif noted that the attacks were particularly concentrated in Sudan, Ukraine, the Gaza Strip, Myanmar, and Ethiopia, where children remain among the most vulnerable victims.
“In 2024, armed conflict directly affected nearly one in six children globally—about 470 million children,” she said. “Years of lost education, trauma, and lasting mental scars shape societies for generations. Long after the fighting subsides, children continue to face deadly risks.”
She highlighted Gaza as having the world’s highest number of child amputees per capita, warning that the impact of war goes far beyond immediate violence.
In Lebanon, government figures show that more than 450,000 people were displaced in less than a week, with at least 394 fatalities, including 83 children, during the 2024 conflict with Israel.
Al-Nashif also stressed the disproportionate risks for displaced children, who are more likely to die from disease linked to unsafe water and sanitation than from direct violence.
In the Democratic Republic of Congo, a 2025 cholera outbreak killed 340 children, underscoring the long-term consequences of conflict.
She called on states to uphold their international obligations to protect children, insisting that protecting children is “both a legal obligation and a humanitarian moral imperative.”
Also speaking at the council, Vanessa Frazier, Special Representative of the UN Secretary-General for Children and Armed Conflict, warned that violence against children continued at extreme levels in 2025.
She urged mainstreaming child protection across peace, security, humanitarian, human rights, and development efforts, emphasizing that children should actively participate in shaping policies designed to safeguard them.
Frazier highlighted her office’s global campaign, “Prove It Matters,” aimed at amplifying children’s voices in conflict resolution and peacebuilding.
The UN report underscores the urgent need for coordinated international action to protect children and ensure their safety in conflict zones worldwide.
Portugal officially inaugurated its new president, Antonio Jose Seguro, on Monday, pledging to bring stability to a nation shaken by political uncertainty and natural disasters.
Seguro, the centre-left candidate, won last month’s presidential run-off against far-right rival Andre Ventura, following weeks of catastrophic storms that killed at least seven people and caused approximately €4 billion ($4.6 billion) in damage.
Speaking at his swearing-in ceremony in Lisbon’s parliament, Seguro emphasized cooperation with the minority right-wing government and vowed to end the country’s “electoral frenzy.”
SEE MORE: Spain, Portugal Plunge Into Darkness Amid Widespread Power Outage
“I will do everything I can to put an end to this electoral frenzy,” he said, pointing to the inability of previous governments to complete their terms.
Amid global crises, including conflicts in the Middle East and a more isolationist US approach under President Donald Trump, Seguro stressed the importance of multilateralism.
“The force of law has been replaced by the power of the strongest,” he remarked.
Seguro succeeds Marcelo Rebelo de Sousa, a conservative who leaves office at 77 after serving two five-year terms.
While the Portuguese presidency is largely ceremonial, Seguro’s leadership signals a commitment to political stability and international engagement.
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