President Tinubu seeks Reps’ approval for fresh $8.6bn, €100m external borrowing

President Tinubu is seeking Reps’ approval for fresh $8.6bn, €100m external borrowing.

 

NewsOnline Nigeria reports that President Bola Tinubu has written the House of Representatives seeking the immediate approval of the green chamber for $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.

 

This Nigeria news platform understands that President Tinubu also forwarded the Federal Capital Territory Supplementary Budget to the House for consideration.

 

SEE ALSO: Shaibu names who asked him to contest for Edo Governorship election

 

Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday. This was after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion.

 

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.