President Bola Tinubu
Ahead of the 2024 Budget presentation of the joint session of the National Assembly, President Bola Tinubu has written the House of Representatives seeking approval to borrow $8.6bn and €100m for critical infrastructure in areas such as power, roads, water, railway, and health.
The fresh effort at borrowing is considered by some experts as injurious to the economy, considering the heavy debt left behind by the previous government of Muhammadu Buhari.
The President also forwarded the Federal Capital Territory Supplementary Budget to House for consideration.
It is not clear if the borrowing is part of funds intended to finance the N27.5 trillion 2014 budget which the President will present to the National Assembly on Wednesday.
The Minister of Budget and Economic Planning, Abubakar Bagudu, had 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 price at $77.96 per barrel.
