President Bola Tinubu has set a target of N1500 per dollar in the 2025 Appropriation Bill, which he presented to the joint session of the 10th National Assembly in Abuja on Wednesday.
He explained that the target aims to facilitate the effective implementation of the 2025 budget by the Federal Government.
This represents a decrease of approximately N200 from the current exchange rate of N1,700 to the dollar.
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He said, “The budget projects that 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. The base crude oil production assumption is set 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.”
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