President Tinubu Targets ₦1,500/$ Exchange Rate in 2025 Appropriation Bill
President Tinubu unveils the 2025 Appropriation Bill, aiming to stabilise the Naira at ₦1,500 to the dollar, cut inflation to 15%, and boost crude oil production to 2.06 million barrels per day.
President Bola Tinubu has presented the 2025 Appropriation Bill to the 10th National Assembly, setting an ambitious exchange rate target of ₦1,500 per dollar as part of the Federal Government’s economic blueprint.
“This target will ensure the smooth implementation of the 2025 budget,” Tinubu stated during the presentation in Abuja, adding that the administration aims to stabilise the economy and foster growth.
Currently, the exchange rate is approximately ₦1,700 per dollar, making the proposed rate a ₦200 reduction. Tinubu also projected a significant drop in inflation from 34.6% to 15% and an increase in crude oil production to 2.06 million barrels per day.
Other key highlights of the budget include:
- Reducing petroleum imports and boosting refined product exports.
- Enhancing agricultural productivity through improved security.
- Bolstering foreign exchange inflows via foreign portfolio investments.
The budget underscores the administration’s focus on restoring confidence in the Naira, stabilising the economy, and implementing energy and security reforms. The National Assembly is set to deliberate on the bill in the coming weeks.
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