Labor Unions And Political Parties Join Forces To Denounce NASS For N1.2 Trillion Budget Surge In 2024

Labor Unions And Political Parties Join Forces To Denounce NASS For N1.2 Trillion Budget Surge In 2024

Lagos—Various key players in the nation’s affairs, such as the Nigeria Labour Congress (NLC), Nigeria Employers Consultative Association (NECA), and the Labour Party (LP), among others, have strongly criticized the National Assembly for increasing the 2024 budget by N1.2 trillion…..CONTINUE READING

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President Bola Tinubu initially proposed a budget of N27.5 trillion to the National Assembly for approval. However, lawmakers decided to raise it to N28.78 trillion before passing it into law on Saturday.

Despite explanations from the Speaker of the House of Representatives, Tajudeen Abbas, and the chairmen of the appropriation committees, stakeholders remain dissatisfied.

Speaking to journalists after a Christmas visit to President Bola Tinubu, Speaker Tajudeen Abbas assured that the increased budget would bring about a positive impact on the economy and the people, defining Tinubu’s administration as people-centric.

Reacting to the budget adjustments, the Nigeria Labour Congress (NLC) President, Joe Ajaero, expressed outrage, questioning the wisdom of increasing the budget by N1.2 trillion when the nation is already burdened with debt.

The Nigeria Employers’ Consultative Association (NECA) also raised concerns about the allocation of funds to items without direct correlation to critical developmental areas, raising questions about the government’s commitment to its 7-point agenda.

The Labour Party (LP) criticized the budget for allocating hefty sums to the National Assembly while neglecting key sectors like education and health, urging the government to prioritize the welfare and security of Nigerians in the coming year.

The Centre for Anti-Corruption and Open Leadership (CACOL) Chairman, Debo Adeniran, condemned the increase as uncharitable and unwarranted, emphasizing the potential negative impact on Nigeria’s economy.

Financial analysts, including David Adonri, Nnamdi Nwizu, and Yomi Falana, weighed in on the potential consequences of the budget increase, citing concerns about inflation, budget deficit, and pressure on the currency.

Tajudeen Olayinka, CEO of Wyoming Capital and Partners, provided a contrasting view, suggesting that the budget increase might actually reduce the size of the fiscal deficit.

The stakeholders called on President Tinubu to reconsider the budget and prioritize the welfare and security of Nigerians in the face of the additional financial burden.

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