Tinubu Sets N1,500/Dollar Rate In 2025 Budget

Posted by African Examiner Business News, Latest Headlines Wednesday, December 18th, 2024

(AFRICAN EXAMINER0 – President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the 10th National Assembly in Abuja on Wednesday.

According to him, the target was to enable the Federal Government to ensure the smooth implementation of the 2025 budget.

This marks a reduction of about N200 from the current rate of N1,700 to a dollar.

He said, “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.

“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.”