On Wednesday, President Bola Tinubu announced that the Federal Government aims to stabilize the exchange rate at N1,500 to the dollar to facilitate the smooth implementation of the 2025 budget. This represents a reduction of approximately N200 from the current rate of N1,700 to the dollar. The President made this statement while presenting the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja.
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.”
