Former Prime Minister O'Neil Calls for Urgent Amendments to 2024 Budget
In a compelling statement, former Prime Minister Peter O’Neill asserts that immediate amendments to the 2024 Budget are imperative to address the aftermath of the Dependency Rebate, a move he deems responsible for the civil unrest on January 10.
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| Former PM and Ialibu-Pangia MP, Peter O'Neil Calls for Urgent Amendments to 2024 National Budget |
O’Neill, in a statement released yesterday, voiced his concerns, stating, “While they are in Parliament, Marape should also provide budget support to stimulate job growth and ease the cost of living pressures on families.”
Describing the 2024 Budget as a record-spending one, O’Neill emphasizes that despite the celebratory tone, it has resulted in the highest national debt interest repayments ever recorded, a staggering K3 billion. Additionally, over K5 billion has been allocated to administration, raising eyebrows about financial allocations.
Expressing dismay over the situation, O’Neill comments, “No wonder we are struggling. It is not hard to see why we are all feeling the pain under this hapless Marape Government. We are spending our precious money on repaying interest on the nearly K60 billion debt and wasting one fifth of the total budget just on administration.”
He points out that overspending and a doubling of national debt over five years have failed to translate into improved conditions for the people, urging Prime Minister Marape to return to Parliament for budgetary adjustments.
O’Neill recommends five straightforward measures:
- Implement a 12-month temporary tax reduction of 10% on all income brackets starting March 2024.
- Advocate for a one-off tax rebate of K15,000 to registered businesses for each new hire and apprentice employed in 2024.
- Call for the easing of foreign exchange restrictions.
- Propose a review of the Minimum Wage to protect low-income earners grappling with stagnant wages since 2016.
- Advocate for the reinstatement of the excise on pork meat imports.
Concluding with a decisive statement, O’Neill urges, “Take money out of wasteful areas of the budget and reallocate it to providing a tax cut for employees and new hire rebates for businesses.” The former Prime Minister’s call comes as a crucial plea for adjustments in the upcoming parliamentary session to address economic concerns.
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