Tinubu Seeks Reps' Approval for $8.6 billion, €100 million External Borrowing


In a letter to the House of Representatives, President Bola Tinubu requests the Green Chamber’s approval of a $8.6 billion and €100 million external financing plan for critical infrastructure in sectors including health, power, roads, water, and railway.

Additionally, the Supplemental Budget for the Federal Capital Territory was submitted to the House for deliberation by the President.

In the interim, the National Assembly will be briefed by the President on the 2024 budget on Wednesday. Following the Federal Executive Council’s (FEC) approval of an N27.5 trillion budget for 2024, this occurred.

Following a review of the Medium-Term Expenditure Framework (MTEF), which was previously ratified by the National Assembly and used as a benchmark for the exchange rate of N700 per $1 and the price of crude oil at 73.96 cents per barrel, the approval was granted.

Abubakar Bagudu, Minister of Budget and Economic Planning, informed reporters on Monday at the State House that the Federal Executive Council revised the MTEF and Fiscal Policy to incorporate a reference price for benchmark crude oil of $77.96 per barrel and an exchange rate of N750 to $1.

Bagudu further asserts that the FEC approved an Appropriation Bill for 2024, which outlines a cumulative expenditure of N27.5 trillion, representing a growth of more than N1.5 trillion compared to the initial estimation.