President Bola Tinubu has submitted a request to the House of Representatives, seeking approval for an external borrowing plan of $8.6 billion and €100 million.
The funds are earmarked for critical infrastructure development in key sectors such as power, roads, water, railways, and health.
In addition to the borrowing plan, the President has also forwarded the Federal Capital Territory Supplementary Budget to the House for consideration.
This move comes ahead of President Tinubu’s presentation of the 2024 budget to the National Assembly, scheduled for Wednesday. The budget, approved by the Federal Executive Council (FEC), amounts to N27.5 trillion.
The FEC’s approval followed a review of the Medium-Term Expenditure Framework (MTEF) previously passed by the National Assembly. The MTEF set the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel. However, the FEC revised these parameters to an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Speaking to reporters at the State House on Monday, the Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed that the FEC also greenlit an Appropriation Bill for 2024, reflecting an aggregate expenditure of N27.5 trillion. This marks an increase of over N1.5 trillion from the previous estimate.