President Bola Tinubu is targeting N1,500 per dollar in the N49.70 trillion 2025 Appropriation Bill presented at 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.
He said this marks a reduction of about N200 from the current rate of N1,700 to a Dollar.
“The budget projects that inflation will decline from the current rate of 34.6 percent to 15 percent 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.
According to Tinubu, the projections were based on 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.
He added that his administration aims 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,” he said.
Also speaking, President Tinubu said Nigeria will be targeting N34.8 trillion in revenue to fund the budget next year with the budget to gulp N15.81 trillion for debt servicing.
He explained that a total of N13.0 trillion or 3.89 percent of GDP will make up the budget deficit.
President Tinubu’s 2025 N49.7 trillion budget proposal is over N22 trillion higher than that of 2024.
In December 2023, Tinubu presented the 2024 budget proposal of N27.5 trillion before the National Assembly and the Senate increased the bill by N1.2 trillion and approved N28.7 trillion for the 2024 Budget.
If the same is done, Nigeria could have a budget of over N50 trillion for the first time ever.
