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Olugbemi. Adeyinka Ogunleye
1 week ago
Overview
Tinubu Eyes ₦1,500/Dollar Rate In 2025 Budget Goals
President Bola Tinubu has unveiled the 2025 Appropriation Bill, which sets an ambitious exchange rate target of ₦1,500 to the dollar. The bill, presented to the 10th National Assembly in Abuja, outlines the Federal Government's economic blueprint for the upcoming year. “This target will ensure the smooth implementation of the 2025 budget,” Tinubu declared, emphasising the administration's commitment to fostering economic stability. The current exchange rate hovers around ₦1,700 per dollar, making this a reduction of ₦200. The president also projected a significant drop in inflation, from 34.6% to 15%, and a boost in crude oil production to 2.06 million barrels per day.
“We are taking decisive steps to reduce petroleum product imports and increase exports of refined products,” Tinubu noted. The proposed strategies to achieve these goals include enhanced security to drive agricultural productivity, reducing reliance on food imports, and bolstering 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,” Tinubu added. The budget reflects the administration’s drive to stabilise the economy, restore confidence in the Naira, and focus on security and energy reforms. The National Assembly is expected to deliberate on the bill in the coming weeks.
Credit: Pulse