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Tinubu Sets N1,500 to Dollar in 2025 Budget to Boost Nigeria’s Economy and Reduce Inflation

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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.

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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.

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These measures are expected to contribute significantly to the overall economic stability the government is aiming for in 2025.


 

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Ngozi Okonjo-Iweala Says Nigeria Lacks a Maintenance Culture

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The Director-General of the World Trade Organization (WTO), Ngozi Okonjo-Iweala, has spoken on Nigeria’s economy, stating that the country lacks a good maintenance culture.

She said “The fact is that endowments alone do not add value. Budgetary allocations alone do not lead to new roads or good maintenance.”

“We lack a maintenance culture in the country. I have to say that. I’m Nigerian, but we need that. We need better ports and digital infrastructure, and lower trade costs. Execution is what matters, and successful execution requires focus. It requires prioritisation.”


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Peter Obi Criticises President Tinubu’s Statement on Hunger

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Politician and former presidential candidate Peter Obi speaks on President Bola Tinubu’s comments regarding the rising hunger and worsening economic situation in Nigeria.

It can be noted that the President recently stated that hunger has always existed in Nigeria.

Peter Obi responded “I watched with deep concern the statement made by President Bola Tinubu to the Catholic Bishops, that there has always been hunger in Nigeria, even before he was born.”

“While it is true that hunger has been a part of human life and has existed in our country for decades, such a statement appears insensitive to the plight of the millions of Nigerians who face worsening economic hardship today.”


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Nigerian Army Launches New IED Training Programme

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Reports have been shared stating that the Nigerian Army has launched a new programme designed to train and improve the skills of engineers in tackling threats posed by Improvised Explosive Devices (IEDs).

The seminar is being organised by the 41 Engineer Brigade of the 1 Division Nigerian Army.

It was stated “Improvised Explosive Devices have become one of the greatest security threats confronting the Nigerian Army in ongoing counter-insurgency operations. Their widespread use has complicated military operations and humanitarian activities in conflict-affected areas.”


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