In a bid to address critical infrastructure needs in sectors such as power, roads, water, railway, and health, President Bola Tinubu has formally requested the House of Representatives’ approval for external borrowing totaling $8.6 billion and €100 million. The funds are earmarked for crucial development projects aimed at bolstering the nation’s infrastructure.
Simultaneously, the President has submitted the Federal Capital Territory Supplementary Budget to the House for thorough consideration, reflecting the government’s commitment to addressing specific financial requirements for the nation’s capital.
In related developments, President Tinubu is set to present the 2024 budget to the National Assembly on Wednesday. This comes on the heels of the Federal Executive Council’s approval of a 2024 budget amounting to N27.5 trillion. The approval was granted subsequent to a comprehensive review of the Medium-Term Expenditure Framework (MTEF) passed earlier by the National Assembly. The MTEF had originally set the exchange rate at N700 to $1 and the crude oil price at $73.96 per barrel.
However, during the FEC review, Minister of Budget and Economic Planning, Abubakar Bagudu, informed reporters that adjustments were made to the MTEF and Fiscal Policy. The revised figures now propose an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Moreover, the FEC greenlit the Appropriation Bill for 2024, reflecting an aggregate expenditure of N27.5 trillion. This represents an increase of over N1.5 trillion from the initial estimate, underscoring the government’s commitment to addressing key national priorities and fostering economic development.