President Bola Tinubu has announced that the Federal Government plans to stabilize the exchange rate at N1,500 per dollar as part of its economic strategy for the 2025 budget. This target reflects a significant step toward economic stabilization and improvement from the current exchange rate of approximately N1,700 per dollar.
The announcement came on Wednesday during Tinubu’s presentation of the 2025 Appropriation Bill to a joint session of the 11th National Assembly in Abuja. The president detailed key economic indicators and projections included in the budget, emphasizing the importance of reducing inflation and enhancing foreign exchange stability.
Tinubu highlighted, “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.”
The 2025 budget also emphasizes growth in crude oil production, with a target of 2.06 million barrels per day. This is seen as a critical factor in generating revenue to support Nigeria’s economic ambitions.
