President Bola Tinubu has set a N1500/dollar target in the 2025 Appropriation Bill presented to the joint session of the 10th National Assembly on Wednesday in Abuja.
The president said the target was to enable the Federal Government to ensure the smooth implementation of the 2025 budget.
The set target marks a reduction of about N200 from the current rate of N1,700 to a dollar.
According to the budget projections, inflation will decline from the current rate of 34.6% to 15% next year, while the exchange rate will improve from approximately N1,700 per dollar to N1,500.
It also projects base crude oil production assumption to be at 2.06 million barrels per day.
“The projections are based on the following observations: reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security, which will reduce reliance on food imports.
“Additionally, we aim to increase foreign exchange inflows through foreign portfolio investments.
“Our crude oil output and exports will improve, coupled with a substantial reduction in upstream oil and gas production costs,” Tinubu said.
