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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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‘He Was a Giant’ — President Tinubu Mourns Veteran Actor Olu Jacobs

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President Bola Ahmed Tinubu has paid tribute to late Nigerian actor Olu Jacobs, recalling his contributions to the creative industry and his impact on Nigeria’s cultural identity.

In his tribute, Tinubu described Jacobs as a giant of the Nigerian creative industry and said “He was a giant of the Nigerian creative industry. His passing is a great loss to Nigeria, the African film industry and the global community of lovers of the performing arts. His remarkable body of work will continue to speak to generations yet unborn.

“The nation recognises the enormous contributions of Nigeria’s creative practitioners to the country’s cultural identity, global image and economic development. Olu Jacobs played a big role in creating this identity.”


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Deji Adeyanju Demands Action From Tinubu Over Counterfeit Products

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Human rights lawyer and activist Deji Adeyanju has called on President Bola Ahmed Tinubu to declare a state of emergency over the proliferation of counterfeit and substandard drugs and consumer products in Nigeria.

Adeyanju also called for the removal of the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC), Professor Mojisola Adeyeye, as well as the heads of other regulatory agencies, including the Standards Organisation of Nigeria (SON).

“Nigerians are being exposed to dangerous products daily, from fake and substandard medicines to unsafe consumer goods, with reports of drugs being sold wholesale in the open under the hot sun. No responsible government should expose its citizens to such risks and expect mortality rates not to rise.”

Adeyanju also called out NAFDAC over what he described as failures in regulating the circulation of counterfeit and substandard products in the country.

It can be noted that various counterfeit products continue to circulate in Nigerian markets, while NAFDAC has also reported seizures and destruction of counterfeit, expired and substandard products.

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‘Two Hours on the Road’ — Lagosians Groan Over Kara Bridge Traffic

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Lagosians have lamented heavy traffic caused by ongoing construction work at Kara Bridge along the Lagos-Ibadan Expressway.

The Federal Government announced that repairs on the damaged expansion joints at Kara Bridge would begin on September 8, 2026. The project, initially scheduled to begin in August, was delayed to allow further traffic management planning due to concerns over its impact on motorists.

Since work began, traffic around the Kara area has become heavy, with Lagosians sharing updates on social media about spending two hours or more on the road.

Some commuters say the delays have made their 9-to-5 routines difficult, with several hours spent travelling to and from work.


 

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