President Bola Tinubu presented the 2025 Appropriation Bill to the National Assembly, aiming to stabilize the exchange rate at N1,500 per dollar, down from the current N1,700, and reduce inflation from 34.6% to 15%. The budget emphasizes a strategic shift toward bolstering domestic economic stability through targeted interventions in key sectors. Tinubu stressed the importance of reducing reliance on imports and increasing foreign exchange inflows through refined petroleum exports and foreign investments.
The president highlighted the role of improved security in achieving a bumper agricultural harvest, which will reduce the nation’s dependency on food imports. The budget also assumes a base crude oil production of 2.06 million barrels per day and anticipates cost reductions in upstream oil and gas production. Tinubu underscored the importance of these measures for ensuring the successful implementation of the budget and fostering economic resilience.
The projections are supported by initiatives to cut petroleum product imports and expand exports of refined products. This, combined with improved crude oil output and exports, aims to strengthen Nigeria’s foreign exchange reserves. Tinubu’s administration sees the 2025 budget as a cornerstone for driving sustainable economic growth and addressing long-standing economic challenges.