2025 Budget: Tinubu Targets N1,500/Dollar Exchange Rate in Appropriation Bill

President Bola Tinubu has proposed a target exchange rate of N1,500 per dollar in the 2025 Appropriation Bill, presented to the 10th National Assembly during a joint session on Wednesday in Abuja.

The president emphasized that this target is crucial for ensuring the smooth implementation of the 2025 budget.

JOINTEARN reports that this represents a reduction of approximately N200 from the current exchange rate of N1,700 per dollar.

The budget projections anticipate inflation dropping from the current 34.6% to 15% in 2025. Similarly, the exchange rate is expected to improve from about N1,700 to N1,500 per dollar.

Additionally, the budget estimates base crude oil production at 2.06 million barrels per day.

“These projections are informed by key observations,” Tinubu explained. “We aim to reduce petroleum product imports, boost exports of refined petroleum products, and achieve a bumper agricultural harvest through enhanced security measures, thereby reducing reliance on food imports.

“Furthermore, we plan to increase foreign exchange inflows via foreign portfolio investments. Our crude oil production and exports are expected to improve, alongside significant reductions in upstream oil and gas production costs.”