President Bola Tinubu has written the House of Representatives seeking approval for $8.6bn and €100m external borrowing plan for critical infrastructure in areas such as power, roads, water, railway, and health.
The appeal is coming after the Federal Executive Council (FEC) approved a 2024 budget of N27.5 trillion following 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 President also forwarded the Federal Capital Territory Supplementary Budget to House for consideration.
Meanwhile, the President will present the 2024 budget to the National Assembly on Wednesday.
