President Bola Tinubu has set an exchange rate target of N1,500 per dollar in the 2025 Appropriation Bill, which he presented to the joint session of the 10th National Assembly in Abuja on Wednesday.
According to the President, this target aims to facilitate the effective implementation of the 2025 budget. The proposed rate represents a reduction of approximately N200 from the current exchange rate of N1,700 to the dollar.
President Tinubu stated, “The budget projects that inflation will decrease from the current rate of 34.6% to 15% next year, while the exchange rate will improve from around N1,700 per dollar to N1,500. The base crude oil production assumption is set at 2.06 million barrels per day.”
He further explained that these projections are based on several key factors: reducing the importation of petroleum products, boosting exports of refined petroleum products, achieving a bumper harvest due to enhanced security, and reducing reliance on food imports. Additionally, the government aims to increase foreign exchange inflows through foreign portfolio investments.
“Furthermore, we expect an increase in crude oil output and exports, alongside a substantial reduction in upstream oil and gas production costs,” he added.
