News
Tinubu Sets N1,500 to Dollar in 2025 Budget to Boost Nigeria’s Economy and Reduce Inflation
In his 2025 Appropriation Bill presented to the joint session of the 10th National Assembly in Abuja on Wednesday, President Bola Tinubu set a target of N1,500 to the dollar.
The target marks a reduction of around N200 from the current exchange rate, which hovers around N1,700 to a dollar.
The move is a step toward improving the country’s economic performance and addressing the ongoing challenges of inflation and exchange rate instability.
The budget projections are ambitious, with the government aiming to reduce inflation significantly from its current rate of 34.6% to 15% in the coming year.
In addition to the exchange rate improvement, the budget also sets a target for crude oil production, with the base assumption set at 2.06 million barrels per day.
The president outlined several key strategies to achieve these targets.
These include reducing the importation of petroleum products and increasing exports of refined petroleum products.
There is also a focus on boosting agricultural production, to achieve a bumper harvest, driven by improved security measures that will reduce reliance on food imports.
In his speech, Tinubu emphasized the need to increase foreign exchange inflows, which will be facilitated by greater foreign portfolio investments.
He also mentioned the government’s efforts to boost crude oil output and exports, alongside a substantial reduction in upstream oil and gas production costs.
These measures are expected to contribute significantly to the overall economic stability the government is aiming for in 2025.
Nigerian pastor and overseer of the Citadel Global Community Church, Pastor Tunde Bakare, addresses and reacts to the current happenings of the country regarding the kidnapping and the abductions.
The pastor urges the government on steps they can take to solve and help the people of the country. “The Nigerian government has a clear and urgent duty to protect these Middle Belt communities, who have carried the weight of violence for far too long.”
“Rather than play the ostrich and cover up clear terrorism as mere farmer-herder clashes, the Nigerian state has a responsibility to invade the camps of armed marauders who hide under the cloak of herdsmen of whatever ethnicity, and who invade defenceless communities and gleefully massacre unarmed men, women and children.”
US President Donald Trump criticizes the Nigeria government once again after the increase of insecurity over the past few days. The president stated that the government is failing to protect Christian communities from the attacks going on.
“Nigeria is a disgrace. The whole thing is a disgrace,” Trump said. “They’re killing people by the thousands. It’s a genocide, and I’m really angry about it. And we pay, you know, we give a lot of subsidies to Nigeria. We’re going to end up stopping.”
Former Vice President Atiku Abubakar speaks out against the rising insecurity in the country. He urged the government to take action and claimed that it is not too late to declare a state of emergency.
He reacted after another news of abduction of students was announced on the 21st of November.
“How many more lives must be shattered before decisive action is taken? It is not too late for the government to finally declare a state of emergency on insecurity and confront this menace with the urgency it deserves.”
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