President Bola Tinubu has submitted requests to the Senate and the House of Representatives, seeking approval for an external borrowing plan of $8.6 billion and €100 million.
The funds are earmarked for critical infrastructure projects in sectors such as power, roads, water, railway, and health.
Simultaneously, the President has forwarded the Federal Capital Territory Supplementary Budget to the National Assembly for their consideration.
In another development, President Tinubu is scheduled to present the 2024 budget to the National Assembly on Wednesday.
This follows the Federal Executive Council’s approval of a 2024 budget totaling N27.5 trillion.
The approval came after a review of the Medium-Term Expenditure Framework (MTEF), which had initially been passed by the National Assembly.
The revised MTEF now uses an exchange rate of N750 to $1 and a benchmark crude oil reference price of $77.96 per barrel.
Speaking on the fiscal adjustments, Minister of Budget and Economic Planning, Abubakar Bagudu, informed reporters that the FEC also greenlit an Appropriation Bill for 2024, reflecting an aggregate expenditure of N27.5 trillion.
This represents an increase of over N1.5 trillion from the previous estimate.
