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Tinubu writes House of Reps, seeks approval for $8.6bn, €100m loan

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Tinubu told Qatari international business community that Nigeria is ready for serious business

President Bola Tinubu has written to the House of Representatives requesting permission for a $8.6 billion and €100 million external borrowing plan for key infrastructure including as power, roads, water, railways, and health.

President Tinubu also sent the Federal Capital Territory Supplementary Budget to the House for review.

Meanwhile, the President will provide the National Assembly with the 2024 budget on Wednesday (Today). This came after the Federal Executive Council (FEC) approved a N27.5 trillion budget for 2024.

President Bola Tinubu presides over the Federal Executive Council which now holds on Monday

President Bola Tinubu presides over the Federal Executive Council which now holds on Monday

The decision came after the National Assembly reviewed the Medium-Term Expenditure Framework (MTEF), which set the exchange rate at N700 to $1 and the crude oil price at $73.96 cents per barrel.

Abubakar Bagudu, Minister of Budget and Economic Planning, told reporters at the State House on Monday that the FEC changed the MTEF and Fiscal Policy to utilise a N750 to $1 exchange rate and a benchmark crude oil reference price of $77.96 per barrel.

According to Bagudu, the FEC also passed an Appropriation Bill for 2024 with a total spending of N27.5 trillion, a N1.5 trillion increase above the previously predicted amount.

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