The country’s economy is set to take another step forward in 2025, with the announcement of the Appropriation Bill by President Bola Tinubu. The ambitious document sets an exchange rate target of N1,500 to the US dollar, aimed at ensuring efficient implementation of the budget for the coming year.
The announcement, made before the 10th National Assembly in Abuja, highlights the Federal Government’s economic vision for the coming year. President Tinubu underscored the administration’s commitment to promoting economic stability through this bold measure.
Currently, the exchange rate is around N1,700 to the dollar, a significant decrease of N200 with this ambitious target. In parallel, the President also announced a forecast of decreasing inflation from 34.6% to 15%, as well as an increase in crude oil production to 2.06 million barrels per day.
To achieve these goals, strategies have been defined, including improving security to boost agricultural productivity, reducing dependence on food imports and increasing foreign exchange inflows through foreign portfolio investments.
The oil sector is also at the heart of the priorities, with a stated desire to reduce imports of petroleum products and increase exports of refined products. The President stressed that efforts will be made to improve the production and export of crude oil, while significantly reducing the upstream production costs of the oil and gas industry.
This economic roadmap for 2025 demonstrates a bold vision and ambitious goals for the future of the country. The government’s commitment to promoting economic growth, price stability and economic independence is clearly displayed through this appropriation bill. It now remains to closely monitor the implementation of these strategies and their impacts on the national economy.