Connect with us

News

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

Published

on

Photo source: Google

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.

Advertisement

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.

Advertisement

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


 

News

Is Lagos Sinking? Residents Raise Concerns as Flooding Worsens

Published

on


With the rainy season in Nigeria, many are wondering if the increase in flooding has now become the new normal. Lots of videos, clips, and complaints have literally flooded online, showing how badly roads, homes, and other places have been affected.

We were used to hearing about the rise of water on the Island since it is literally surrounded by water, but now floods are being spotted on the Mainland as well.

We may not know exactly why this is happening, but one thing is certain—we urgently need a lasting solution.


Continue Reading

News

Federal Government Clarifies Position on Proposed Tax Recommendations

Published

on


The federal government reacted to claims stating that the new tax rules will be imposed on telecommunications and petroleum products for Nigerians.

The FG released a statement to explain the process and stated that there is no intention to place taxes on telecom and petroleum products and services.

“Those recommendations do not amount to government policy and are not binding on Nigeria. Decisions on tax matters are taken through established constitutional and legislative processes and are guided by national priorities and prevailing economic realities.”


Continue Reading

News

Peter Obi Raises Concerns Over Nigeria’s Hunger Index Ranking

Published

on


Nigerian politician Peter Obi speaks on the increase in the cost of living in Nigeria and shared how more Nigerians are now hungry and the hunger crisis is increasing in the country.

He stated, “Despite three years of Tinubu’s food emergency, Nigeria’s hunger ranking index declined to among the worst nations globally.”

“Yet the outcome of this has been the opposite. Nigeria’s hunger index has worsened significantly. Nigeria’s hunger index ranking was 103rd out of 123 countries surveyed in 2022/2023, and this figure has since worsened to 115th out of 123 countries surveyed in 2025/2026.”


Continue Reading

Trending