President Bola Tinubu has unveiled an ambitious plan to stabilize Nigeria’s economy, with a key target of achieving an exchange rate of N1,500 per dollar in the 2025 budget.
This represents a significant reduction of approximately N200 from the current rate of N1,700 to a dollar.
The proposed budget, presented to the joint session of the 10th National Assembly, aims to facilitate the smooth implementation of the 2025 budget.
President Bola Tinubu emphasized that the government’s projections are based on several strategic objectives, including reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security.
President Bola Tinubu’s Key Budget Projections;
– Inflation Rate: A decline from the current rate of 34.6% to 15% next year
– Exchange Rate: An improvement from approximately N1,700 per dollar to N1,500
– Crude Oil Production: A base production assumption of 2.06 million barrels per day
Tinubu expressed confidence that the government’s strategies will yield positive results, including an increase in foreign exchange inflows through foreign portfolio investments, and a substantial reduction in upstream oil and gas production costs.
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