President Bola Tinubu has approached lawmakers in the House of Representatives to approve a $8.6bn and €100m external borrowing plan.
He said the money will be used for critical infrastructure in areas such as power, roads, water, railway, and health.
The President also forwarded the Federal Capital Territory Supplementary Budget to the House for consideration.
Meanwhile, the President will 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.
According to Bagudu, 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.