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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.
It was reported that former Nigerian president Goodluck Jonathan has allegedly purchased a presidential candidate form for the 2027 elections.
It can be noted that Jonathan served as Nigeria’s president from 2010 to 2015.
This information was revealed by Sani Useni, a special assistant who made the claim. Many reacted to the news, with some expressing interest in seeing Jonathan return to power after staying relatively quiet politically since his administration ended.
However, Jonathan has not yet addressed the public or officially shared any presidential ambition.
The Christian Association of Nigeria (CAN) has reacted to the recent abduction incident in Oyo State.
It can be recalled that schools were attacked by armed men, with some teachers and students reportedly taken. Some people were also killed during the attack.
CAN cried out on behalf of the public, stating “It is intolerable, disgraceful and utterly unacceptable that Nigerian children can no longer sit safely in classrooms without the fear of being kidnapped by armed gangs.”
The organisation also stated that Nigerians are tired of constantly mourning and questioning when something will finally be done to stop the violence.
The Governor of Oyo State, Seyi Makinde, has revealed that seven teachers were abducted following a recent attack on a school in the state.
It was also shared that the number of students taken is still being investigated.
The governor further revealed that some people were killed during the attack and abduction.
He also added “With the pressure on the terrorists and the bandits in the North-West, they will keep moving southward.”
“When you have pressure in one place, we must be prepared on this side to either repel or neutralise any terrorists fleeing the pressure points.”
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