President Bola Tinubu says the 2025 budget forecasts that inflation will decline from current 34.6% to 15%.
He stated this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday, December 17, 2024.
Tinubu also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.
This is an ambitious but necessary budget to secure our future.
The Budget projects inflation will decline from the current rate of 34.6 per cent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day,” Tinubu said.
He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.
Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
Nigerians are dealing with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.
