“There’s Nothing Hopeful Around Proposed 2024 Budget” – Business Expert

Wole Ogundare, who happens to be a business advisory consultant made it known on Saturday that the 2024 budget put forward by President Bola Tinubu doesn’t foster optimism when the estimated GDP growth rate is juxtaposed with the population growth rate.

Freshreporters News gathered that Ogundare made this statement during an interview on Channels TV, where he labeled the allocation as the ‘budget of coasting along.’

Mr. Ogundare said: “When you scrutinize the assumptions, the primary aspect I usually examine is the growth rate. So, the macroeconomic framework tends to compel you to scrutinize the growth rate. The President anticipated a 3.76 growth rate; if you consider that growth rate, how does it truly make sense?

“You compare it to the population growth rate in Nigeria. Presently, our population growth rate is around 2.5, so if you assess a 2.5 population growth rate in relation to a 3.76 GDP growth, it immediately indicates that this is not a budget of hope; it’s a budget of coasting along. Let’s just coast along for now.

“Any budget of hope would involve a situation where the growth rate is approximately 7 to 10 percent. So, I assume the individuals in control are exercising caution not to overstate their position, which is why they propose, ‘Look, let’s just coast along.’ So, anything associated with hope, disregard it; Nigerians should simply disregard it for now because there is nothing optimistic about it.

“This is not the budget that, in my opinion, will mitigate the japa syndrome; it’s not the budget that will also facilitate significant industrialization or human capital, extensive development, or a budget that can stimulate employment—none of those things. This is merely a let’s coast along for now, and all the indicators appear to confirm this.”

“We haven’t witnessed any strategic initiative that will decrease recurrent expenditure. We have observed a continuous rise in the recurrent expenditure of the government because the framework on which recurrent expenditure is incurred is being expanded.”…[CONTINUE READING HERE]>>