By Ayomide Otitoju
President Bola Tinubu has set an ambitious exchange rate target of ₦1,500 per dollar in the 2025 Appropriation Bill presented to the joint session of the 10th National Assembly in Abuja on Wednesday.
Speaking during the budget presentation, Tinubu emphasized that the target was crucial to ensuring the effective implementation of the ₦47.9 trillion budget.
“The budget projects that inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately ₦1,700 per dollar to ₦1,500,” Tinubu stated.
He added that the base crude oil production assumption for 2025 was set at 2.06 million barrels per day.
“These projections are based on strategic initiatives, including reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper agricultural harvest driven by improved security. This will reduce reliance on food imports and bolster foreign exchange inflows through increased foreign portfolio investments,” he explained.
The President further highlighted efforts to enhance crude oil output and exports while implementing substantial reductions in upstream oil and gas production costs, positioning these measures as critical to achieving the nation’s economic goals.
The 2025 budget, dubbed the “Restoration Budget,” reflects Tinubu’s commitment to revamping Nigeria’s socio-economic landscape through focused fiscal policies and sustainable growth strategies.
