President Bola Tinubu has announced the Federal Government’s goal to stabilize the exchange rate at N1,500 to the dollar by 2025. This target represents a reduction of approximately N200 from the current rate of N1,700 to a dollar and is a key aspect of the administration’s 2025 budget proposal.
Speaking during the presentation of the 2025 Appropriation Bill to the National Assembly in Abuja, Tinubu outlined measures to achieve this exchange rate improvement. The government projects a decline in inflation from 34.6% to 15% and aims to boost crude oil production to 2.06 million barrels per day.
Tinubu attributed these projections to strategic reforms, including reducing petroleum product imports, increasing exports of refined petroleum, and securing a bumper agricultural harvest. These measures are expected to enhance foreign exchange inflows and reduce dependency on imported food products.
The president emphasized that crude oil production costs would be substantially reduced, and export volumes improved. Additionally, foreign portfolio investments are expected to play a significant role in achieving the administration’s economic goals.
