2025 budget: Tinubu eyes N1,500/dollar exchange rate
Nigerian President Asiaaju Bola Ahmed Tinubu, on Wednesday, while presenting the N47.9 trillion 2025 budget to a joint session of the 11th National Assembly in Abuja, said the Federal Government aims to stabilise the exchange rate at N1,500 to the dollar to ensure the smooth implementation of the 2025 budget.
He said this would mark a reduction of about N200 from the current rate of N1,700 to a dollar.
According to him, “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 N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day.
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“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security, which will reduce reliance on food imports. Additionally, we aim to increase foreign exchange inflows through foreign portfolio investments.
“Our crude oil output and exports will improve, coupled with a substantial reduction in upstream oil and gas production costs.”
Source: PUNCH
