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There’s Nothing Hopeful Around Tinubu’s Proposed 2024 Budget – Ogundare

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A business advisory consultant, Wole Ogundare, says the 2024 budget proposed by President Bola Tinubu does not inspire hope when the projected GDP growth rate is compared to the population growth rate.

Speaking on Channels Television’s Sunrise programme on Saturday, Ogundare, who tagged the appropriation ‘budget of coasting along,’ said any budget of hope will be one where the GDP growth rate is around 7 to 10 percent.

“When you look at the assumptions, the first thing I typically look at is the growth rate. So the macroeconomic framework tend to force you to look at the growth rate. The President projected a 3.76 growth rate; if you look at that growth rate, how does it really make sense?

“You compare it to the population growth rate in Nigeria. Our population growth rate today is about 2.5, so if you look at 2.5 population growth rate relative to a 3.76 GDP growth, it tells you immediately that this is not a budget of hope, it is a budget of coasting along. Let us just coast along for now.

“Any budget of hope will be something where the growth rate is about 7 to 10 per cent. So, I guess the guys in charge are being very careful not to overestimate their position, which is why they say, ’look, let us just coast along’. So anything around hope, forget it; Nigerians should just forget it for now because there is nothing hopeful around it,” Ogundare who is also an accountant, said.

According to him, this is far from the budget that will end most of the economic problems facing Nigeria at the moment.

“This is not the budget for me that will reduce the japa syndrome; it is not the budget that will also create some huge industrialisation or human capital, massive development, or a budget that can encourage employment—none of those things. This is just let’s coast along for now and all the indicators seem to speak to this,” he added.

Also speaking on the programme, the Managing Director of Cowry Asset Management Ltd., Johnson Chukwu, said the proposed budget is not too different from others before it, lamenting the continued increase of recurrent expenditure.

“We have not seen any strategic initiative that will bring down recurrent expenditure. We have seen a consistent increase in the recurrent expenditure of the government because the structure on which you incur recurrent expenditure is being expanded,” Chukwu said.

President Tinubu presented the budget proposal to the National Assembly on Wednesday.


He said the proposed N27.5 trillion 2024 budget will ensure micro-economic stability, poverty reduction, and greater access to social security, amongst others.

He highlighted priority areas such as security, local job creation, macro-economic stability, investment environment optimisation, human capital development, poverty reduction, and social security.

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BREAKING: INEC Publishes Report Of 2023 General Election

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The Independent National Electoral Commission, INEC, has released its report on the 2023 general election.


The commission said the publication of the report is in keeping with its tradition over the last four electoral cycles and commitment to transparency.

This was made known in a statement by Sam Olumekun, the National Commissioner and Chairman, Information and Voter Education Committee.


Olumekun said the Report showcases the election’s unparalleled diversity in party representation, demonstrating significant democratic progress.

According to him, the 2023 general election saw four political parties winning gubernatorial races, seven parties winning senatorial seats, eight in federal constituencies and nine in State legislatures, illustrating a broad shift in political representation across Nigeria.

He said the document has been made accessible on its website and social media platforms.


“On Thursday, 22nd February 2024, the Commission convened for its weekly meeting, where the 2023 General Election Report was reviewed and approved for publication.

It partly read: “In keeping with our tradition over the last four electoral cycles, and our commitment to transparency, we are pleased to announce the release of the official INEC report on the 2023 General Election.

“This comprehensive 526-page document, structured into 13 chapters and enhanced with 60 tables, 14 boxes and 10 graphs, offers an in-depth analysis of the election’s key processes, achievements, and challenges, alongside valuable lessons learned.


“The Report showcases the election’s unparalleled diversity in party representation, demonstrating significant democratic progress. This election saw four political parties winning gubernatorial races, seven parties winning senatorial seats, eight in federal constituencies and nine in State legislatures, illustrating a broad shift in political representation across Nigeria.

“The Report underscores the pivotal role of technological advancements, particularly the Bimodal Voter Accreditation System (BVAS), in enhancing electoral integrity and reducing fraud. Furthermore, it addresses public concerns about the INEC Result Viewing (IReV) portal, explaining the technical issues encountered during the upload of polling unit results for the presidential election.

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JUST IN: Okpebholo Declared Winner Of Edo APC Gov’ship Primary

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Senator Monday Okpebholo has been declared winner of the All Progressives Congress (APC) primary election for the September 2024 governorship election in Edo State.


Okpebholo scored 12, 433 votes to emerge winner.

Details later…

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Yoruba Nation: Igboho Accuses Buhari Of Attempting To Assassinate Him

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Yoruba Nation agitator, Sunday Adeyemo popularly known as Igboho, on Friday, said he came back to Nigeria by the power of God.

Igboho made the remark while accusing former President Muhammadu Buhari of attempting to assassinate him.

He alleged that Buhari sent the Department of State Services, DSS, and soldiers to assassinate him in his house.

Addressing his followers in Oyo State, the freedom fighter claimed that his agitation against Fulani herders killing of farmers in the Southwest was behind the move to assassinate him.

According to Igboho: “Buhari sent his soldiers and DSS to arrest me in my house because I said Yorubas are not slaves to Fulanis, they can’t suppress us in our father’s land.

“Fulanis can’t stop our fathers and mothers from going to their farms. But, I’m back with the power of God and authority not that of man.”

The freedom fighter returned to Nigeria on Thursday, ahead of his mother’s burial in the Saki area of Oyo State.

Igboho has been out of Nigeria since 2021 when he eloped to Benin Republic after he was declared wanted by the DSS.

DSS had invaded his residence in the Soka area of Oyo State but he escaped.

The secret police had declared him wanted over his agitation for Yoruba Nation and attacks on Fulani herders accused of killing farmers in the Southwest.

In Benin Republic, Igboho was arrested and remanded while attempting to travel to Germany.

However, he recently regained his freedom after two years in a Beninoise prison.

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