Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has written to the House of Representatives requesting permission for a $8.6 billion and €100 million external borrowing plan for key infrastructure such as power, roads, water, railways, and health.
The President also sent the Federal Capital Territory Supplementary Budget to the House for review.
Meanwhile, the President will provide the National Assembly with the 2024 budget on Wednesday. This came after the Federal Executive Council (FEC) approved a N27.5 trillion budget for 2024.
The approval followed the review of the Medium-Term Expenditure Framework (MTEF) earlier passed by the National Assembly which benchmarked the exchange rate at N700 to $1 and crude oil price at $73.96 cent per barrel.
The Minister of Budget and Economic Planning, Abubakar Bagudu, told reporters at the State House on Monday that FEC revised the MTEF and the Fiscal Policy to use an exchange rate of N750 to $1 and also a benchmark crude oil reference price of $77.96 per barrel.
According to Bagudu, the FEC also approved an Appropriation Bill for 2024 with an aggregate expenditure of N27.5 trillion, an increase of over N1.5 trillion from the previously estimated.
