Tinubu asks Reps to approve $8.6bn, €100m external borrowing plan

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President Bola Tinubu has written to the House of Representatives, seeking the lower chamber’s endorsement for an external borrowing plan of $8.6 billion and €100 million.

In his letter to lower chamber, the president said the funds are intended for critical infrastructure projects in sectors such as power, roads, water, railway, and health.

Additionally, the president has forwarded the Federal Capital Territory (FCT) Supplementary Budget to the House for deliberation.

Meanwhile, Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday, after which he will jet out to Dubai, United Arab Emirates (UAE) for the COP28 Climate Summit.

This comes after the Federal Executive Council (FEC) granted approval for a 2024 budget totaling N27.5 trillion.

The approval followed a review of the Medium-Term Expenditure Framework (MTEF) previously passed by the National Assembly, which had set the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel.

The Minister of Budget and Economic Planning, Abubakar Bagudu, informed reporters at the State House on Monday that the FEC revised the MTEF and Fiscal Policy.

He said the new parameters included an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.

Bagudu further disclosed that the FEC approved an Appropriation Bill for 2024, featuring an aggregate expenditure of N27.5 trillion.

This marks an increase of over N1.5 trillion from the initial estimate.

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John is a University of Lagos-trained journalist who has read almost every novel written by Chinua Achebe, Jeffrey Archer and Dan Brown. He's an expert Scrabble and draughts player who is also excellent at swimming.
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