President Tinubu Projects Inflation Decline and N1,500 Exchange Rate for 2025

President Bola Tinubu has set a target exchange rate of N1,500 per dollar in the 2025 Appropriation Bill presented to the joint session of the 10th National Assembly in Abuja. This marks a notable adjustment from the current exchange rate of approximately N1,700 per dollar, representing a reduction of about N200.

The president emphasized that the target is aimed at facilitating the smooth implementation of the 2025 budget and bolstering economic stability. Projections outlined in the budget include a significant decline in inflation, which is expected to drop from the current 34.6% to 15% by next year. Additionally, the base crude oil production is forecasted at 2.06 million barrels per day.

President Tinubu attributed these optimistic projections to several key strategies. These include reducing petroleum product imports, increasing exports of refined petroleum products, and securing a bumper agricultural harvest through enhanced security measures, which would reduce reliance on food imports. He also highlighted plans to boost foreign exchange inflows through foreign portfolio investments and improve crude oil output and exports, alongside reducing production costs in the upstream oil and gas sector.