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Home Economy Our 2025 budget will bring down dollar to N1,500 — Tinubu
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Our 2025 budget will bring down dollar to N1,500 — Tinubu

By
Prnigeria
-
December 18, 2024
President Bola Ahmed Tinubu
President Bola Ahmed Tinubu

Our 2025 budget will bring down dollar to N1,500 — Tinubu

President Bola Tinubu has outlined how his N47.9 trillion 2025 budget will stabilise the economy, forecasting a reduction in the exchange rate from N1,700 to N1,500 per dollar and a drop in inflation from 34.6% to 15% by next year.

Presenting the budget to a joint session of the National Assembly on Tuesday, Tinubu emphasised that the projections are anchored on key economic reforms and strategic initiatives.

“The budget projects 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. Additionally, it assumes a base crude oil production of 2.06 to 2.5 million barrels per day,” he said.

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Tinubu explained that these economic targets rely on several factors, including reducing petroleum product imports, increasing exports of refined petroleum products, boosting agricultural output through improved security, and decreasing reliance on food imports.

Highlights of the 2025 budget include N4.91 trillion for defense and security, N4.06 trillion for infrastructure, N3.5 trillion for education, and N2.4 trillion for health.

The projections come as Nigerians grapple with economic challenges, including rising inflation and a fluctuating exchange rate. The naira recently traded at N1,700 per dollar, compounding the financial strain on households.

According to the National Bureau of Statistics (NBS), the inflation rate increased to 34.60% in November 2024 from 33.88% in October. “On a year-on-year basis, the headline inflation rate was 6.40 percentage points higher than the rate recorded in November 2023 (28.20%),” the NBS stated.

Food inflation has also surged, reaching 39.93% in November 2024, compared to 32.84% in November 2023

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Anambra Police Nab Wanted Kidnap Suspect in KadunaCustoms Just Wrote Nigeria's Energy RulebookLawyer Sues Housing Ministry, FHA Over Alleged Property RedesignNavy to Establish  Base in Kebbi to Tackle Inland Waterway CrimesArmy Commander's Compassion Keeps 100 Students in School in ZamfaraSam Obi Sponsors 500 Students in Evergreen, SimplifiedIQ's Education ProgramNIPR Hails customs Boss' Tenure Extension as Evidence of Transformational LeadershipAkwa Ibom Boosts National Security with Land Donation for Nigerian Air Force BaseCustoms Unveils Renewable Energy Handbook, Strengthens EU-Germany-GIZ PartnershipUNIMAID Mass Comm becomes Faculty of Communication and Media StudiesTinubu’s Extension of Customs CG Bashir Adeniyi’s Tenure Draws Widespread Praise and ReactionsArmy Troops, DSS Nab Arms Trafficker in Taraba, Recover Ammunition, CashIG Reaffirms Commitment to Tackling Oil Theft, Upholding Human RightsNorthern Leaders Urge Action on Almajiri Crisis, Equitable Resources at Arewa Summit in KadunaArmy Denies Allegations of Misconduct in Imo Community
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