President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the National Assembly on Wednesday in Abuja.
The President said the objective was to enable the Federal Government to ensure the smooth implementation of the 2025 budget reports
DAY which marks a reduction of about N200 from the current rate of N1700 to the dollar.
According to the budget projections, inflation will drop from the current rate of 34.6% to 15% next year, while the exchange rate will improve from about N1,700 to the dollar to
N1,444. It also projects base oil production of 2.06 million barrels per day.
“Projections are based on the following observations: reduce imports of petroleum products, increase exports of refined petroleum products and achieve early harvest through increased security, which will reduce dependence on food imports.
“In addition, we aim to increase foreign exchange inflows through foreign portfolio investment.
“Our crude oil production and exports will improve, accompanied by a significant reduction in upstream oil and gas production costs,” Tinubu said.Budget 2025: Tinubu sets N1,500/dollar rate
