President Bola Tinubu has proposed an exchange rate of N1,500 per dollar in the 2025 Appropriation Bill, presented on Wednesday to the joint session of the 10th National Assembly in Abuja.
The proposed rate represents a reduction of N200 from the current N1,700 per dollar, aiming to facilitate the effective execution of the 2025 budget.
Tinubu outlined key economic projections, stating, “Inflation is expected to fall from 34.6% to 15% next year, while the exchange rate will stabilize at N1,500 to the dollar. Crude oil production is estimated at 2.06 million barrels per day.”
He attributed these targets to various factors, including reduced petroleum product imports, increased exports of refined products, and improved agricultural output driven by enhanced security. Tinubu added that boosting foreign exchange through portfolio investments and lowering production costs in the oil and gas sector are also central to the plan.
The proposal reflects the administration’s strategy to bolster economic stability and reduce reliance on imports while enhancing Nigeria’s foreign exchange inflows.
