Tinubu sets exchange rate at N1500/$ in 2025 budget

Nigeria’s President Bola Ahmed Tinubu has expressed his optimism with the naira appreciating against the dollar by setting a N1500/dollar target in the 2025 Appropriation Bill.

The President presented the 2025 budget to the joint National Assembly session on Wednesday.

This target indicates a N200 reduction from the current exchange rate of N1700 to a dollar.

He expects this target to enable a smooth implementation of the 2025 budget by the Federal Government in the coming year.

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“The budget projects that 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. The base crude oil production assumption is set at 2.06 million barrels per day,” said Tinubu.

“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security, which will reduce reliance on food imports. Additionally, we aim to increase foreign exchange inflows through foreign portfolio investments.”

He also expressed optimism about improving Nigeria’s crude oil output and exports.

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