Connect with us

Business

Tinubu writes Reps for approval to borrow $8.6bn, €100m externally

Published

on

Tinubu to sign executive orders to bring down costs of drugs

Nigeria’s president, Bola Tinubu has written the House of Representatives for approval of $8.6bn and €100m external borrowing plan for critical infrastructure in the country.

The President had previously written the National Assembly for approval to borrow  $7bn and €100m.

Tinubu also forwarded the Federal Capital Territory Supplementary Budget to House for consideration.

News continues after this Advertisement

The President will, meanwhile, 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.

Bagudu said 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.

 

News continues after this Advertisement
News continues after this Advertisement