Tinubu Sets ₦1,500 to Dollar Exchange Rate in 2025 Budget

President Bola Tinubu has officially introduced the 2025 Appropriation Bill to the 10th National Assembly in Abuja, setting an ambitious exchange rate goal of ₦1,500 to the US dollar, a significant adjustment from the current rate of ₦1,700 per dollar.

During the presentation, President Tinubu emphasized that this target exchange rate is crucial for the effective implementation of the government’s economic strategy for the coming year.

He expressed his administration’s commitment to fostering economic stability and achieving these financial targets.

“Our crude oil output and exports will improve, coupled with a substantial reduction in upstream oil and gas production costs,” Tinubu added.

Additionally, the president forecasted a sharp decline in inflation rates, aiming to bring it down from the current 34.6% to 15%.

He also outlined plans to increase Nigeria’s crude oil production to 2.06 million barrels per day, which represents a strategic effort to reduce dependence on imported petroleum products and increase exports of refined products.

To reach these ambitious economic goals, President Tinubu highlighted several key initiatives, including enhancing security measures to boost agricultural productivity and lessen the reliance on food imports.

He also pointed to efforts aimed at attracting foreign portfolio investments to strengthen foreign exchange inflows.

Moreover, Tinubu detailed plans to improve crude oil output and exports while significantly reducing the production costs associated with upstream oil and gas operations.

The 2025 budget reflects the administration’s broader objectives to stabilize the economy, restore confidence in the Nigerian Naira, and prioritize security and energy sector reforms.

The National Assembly will review and deliberate on the proposed bill in the upcoming weeks.