Tinubu seeks Reps’ nod for $8.6bn, €100m external borrowing

President Bola Tinubu has requested the House of Representatives’ approval for an $8.6bn and €100m external borrowing plan to address critical infrastructure needs in power, roads, water, railway, and health.

Simultaneously, he submitted the Federal Capital Territory Supplementary Budget for consideration.

In addition, the President is set to present the 2024 budget to the National Assembly on Wednesday, following the Federal Executive Council’s approval of an N27.5 trillion budget.

The approval involved revising the Medium-Term Expenditure Framework (MTEF) with an exchange rate of N750 to $1 and a crude oil price benchmark of $77.96 per barrel, deviating from the initial N700 to $1 and 73.96 cents per barrel.

The Minister of Budget and Economic Planning, Abubakar Bagudu, disclosed the revised MTEF and Fiscal Policy, noting an aggregate expenditure increase of over N1.5 trillion in the approved Appropriation Bill for 2024.