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 would be utilized for critical infrastructure development in key sectors such as power, roads, water, railway, and healthcare.
In addition to the borrowing plan, the President has also forwarded the Supplementary Budget for the Federal Capital Territory (FCT) to the House for consideration.
Simultaneously, President Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday. The budget, which has received approval from the Federal Executive Council (FEC), amounts to N27.5 trillion.
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The FEC reviewed the Medium-Term Expenditure Framework (MTEF) previously passed by the National Assembly, setting the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel.
However, during the review, the FEC revised the MTEF and Fiscal Policy to use an exchange rate of N750 to $1 and adjusted the benchmark crude oil reference price to $77.96 per barrel.
Minister of Budget and Economic Planning, Abubakar Bagudu, announced during a press briefing at the State House that the FEC has approved an Appropriation Bill for 2024, encompassing an aggregate expenditure of N27.5 trillion. This represents an increase of over N1.5 trillion from the previous estimate.
The request for external borrowing and the upcoming budget presentation demonstrate the government’s commitment to investing in critical infrastructure projects, aiming to drive economic growth, improve public services, and enhance the overall well-being of the Nigerian populace.
