Seoul: The main opposition People Power Party (PPP) announced on Tuesday its decision to boycott President Lee Jae Myung's budget speech. This move comes as a protest against the special counsel team's decision to seek an arrest warrant for a PPP lawmaker involved in former President Yoon Suk Yeol's martial law bid.

According to Yonhap News Agency, the special counsel team, tasked with investigating the allegations surrounding Yoon's attempt to impose martial law in December, filed for the arrest of PPP Representative Choo Kyung-ho on Monday. The PPP has described this action as "vicious political retaliation," condemning the move.

In response to the warrant, the PPP plans to boycott the budget speech and instead organize a rally at the National Assembly. This was confirmed by Representative Choi Soo-jin, the party's chief floor spokesperson, after a general meeting of party lawmakers.

Choo Kyung-ho faces accusations of preventing other PPP lawmakers from participating in a parliamentary vote to lift the martial law decree. This was allegedly done by changing the location of an emergency general meeting of PPP lawmakers three times, reportedly at the request of Yoon.

President Lee was scheduled to deliver the budget speech at the National Assembly, aiming to outline the government's spending plans for the upcoming year. During the speech, he was expected to call for bipartisan cooperation to ensure the passage of the budget.