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.