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There’s Nothing Hopeful Around Tinubu’s Proposed 2024 Budget – Ogundare
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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Gbenga Hashim condemns attack on Sowore, protesters on Democracy Day
Accord Party presidential candidate and Co-Chairman of the Movement for Democratic Renewal (MDR), Dr. Gbenga Olawepo-Hashim, has condemned the reported attack on human rights activist, Omoyele Sowore, and other protesters during a Democracy Day demonstration, describing it as a troubling sign for Nigeria’s democratic future.
In a statement made available to newsmen, Hashim said the right to peaceful protest, free expression, and civic participation are fundamental elements of democracy and must not be undermined.
He warned that democracy cannot survive where citizens are intimidated for demanding accountability or expressing concerns about governance.
According to him, Democracy Day should not only mark the return to civilian rule but also serve as a reminder of the responsibility to protect democratic values, including freedom of Expression justice, constitutionalism, and the rule of law.
“Democracy is strengthened when citizens can freely speak, organise, and demand accountability from those entrusted with power. Any attempt to suppress these freedoms weakens democracy itself,” Hashim said.
The Presidential candidate, who recently became co-chair of MDR alongside NLC President Comrade Joe Ajero said the movement was established to defend Nigeria’s democratic space and prevent any drift towards authoritarianism.
He also condemned what he described as the continued harassment of Sowore, including the seizure of his passport, which he said remains unresolved despite legal interventions.
Hashim said MDR would continue to mobilise democratic forces, civil society, labour, and citizens committed to protecting democratic institutions and expanding civic freedoms.
“Nigeria must not return to an era where dissent is treated as a crime and citizens are denied their democratic rights. The defence of democracy is the responsibility of all who believe in freedom and accountable leadership,” he said.
He urged security agencies and relevant authorities to respect citizens’ constitutional rights while ensuring public order.
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Amaechi Finally Accepts Offer, Set to Be Announced as Atiku’s Running Mate
By Augustine Akhilomen
The presidential candidate of the African Democratic Congress (ADC), Atiku Abubakar, has selected the former Minister of Transportation, Chibuike Rotimi Amaechi, as his running mate for the upcoming election.
The development was confirmed on Saturday.
The immediate past Chairman of the ADC in Rivers State, Leader Sampson, confirmed the development on Saturday.
When asked directly whether Amaechi had accepted the nomination to serve as vice-presidential candidate, Sampson simply replied, “Yes,” according to a Daily Post report.
The selection follows the recent ADC presidential primary election, a direct primary involving over 2.5 million votes cast from the party’s 3.1 million registered members. In that contest, Atiku emerged as the standard-bearer after securing a landslide victory with 1,855,787 votes, defeating Amaechi, who polled 509,397 votes, and businessman Mohammed Hayatu-Deen, who garnered 180,903 votes.
Prior to the primary election, Amaechi had publicly stated that he did not purchase the ADC presidential expression of interest and nomination forms with the intention of becoming a vice-presidential candidate.
Following the conclusion of the voting process, Amaechi and Hayatu-Deen challenged the transparency of the exercise, alleging that the internal process had been manipulated in favour of Atiku.
However, a political breakthrough reportedly crystallized following a recent reconciliation visit by Atiku to Amaechi’s residence shortly after the primaries.
During the meeting at the Transcorp Hilton in Abuja, Atiku allegedly appealed for party unity and explicitly urged Amaechi and Hayatu-Deen to join him in building a formidable front to save Nigeria’s democracy, emphasizing that the primary was a collective effort rather than a battle of winners and losers. Nigerian travel guide
With Amaechi’s reported acceptance of the position, the ADC leadership is expected to make an official joint announcement to the public soon.
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Iran’s Late Supreme Leader Ali Khamenei To Be Buried July 9
Iran will begin the funeral proceedings for its late Supreme Leader Ayatollah Ali Khamenei on July 4 in Tehran, more than four months after his assassination during US-Israeli airstrikes.
His burial is scheduled for July 9 at the Imam Reza Shrine in Mashhad, one of the holiest sites in Shia Islam.
Khamenei was killed on February 28, 2026, with Iranian authorities confirming his death the following day on March 1.
The funeral has been postponed repeatedly.
Iranian authorities are anticipating attendance of up to 20 million people across ceremonies in multiple cities. A period of national mourning has been declared to accompany the events.
Funeral processions for Khamenei will move through at least three major cities: Tehran, Qom, and Mashhad. Each procession is expected to last at least 24 hours, per Khamenei’s will.
Khamenei served as Supreme Leader for 37 years, having assumed the role in 1989 after Khomeini’s death.
AFP
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