President Bola Tinubu has projected that Nigeria’s inflation rate will drop from 34.6% to 15% by the end of 2025.
The president also said that he expects the naira exchange rate to drop to N1,500 in 2025.
He disclosed this during his 2025 budget, named ‘Restoration Budget’, presentation at the national assembly on Wednesday, December 18.
His words:
“The 2025 budget projects that inflation will decline significantly from the current 34.6% to 15% by the end of next year.
“Concurrently, the exchange rate will improve from approximately N1,700 per dollar to N1,500. These projections are critical for stabilising the economy and ensuring sustainable growth.”
Tinubu gave a breakdown of the budget as follows:
Defence and Security: N4.91 trillion
Infrastructure: N4.6 trillion
Health: N2.48 trillion
Education: N3.5 trillion
Tinubu’s ‘Restoration Budget’ 2025
The proposed budget is seen as a catalyst for economic recovery. It includes plans to increase crude oil production to up to 2.06 million barrels per day, boost foreign inflows through portfolio investments, and expand export opportunities.
Tibubu added:
“These measures are aimed at increasing our crude oil output and exports while achieving a substantial reduction in upstream oil and gas production costs.”
The president also said that his administration will focus more attention on agriculture and food production, Punch reports.
His words
“Food security is non-negotiable. Our nation faces an existential threat from corruption and insecurity.
“The time for lamentation is over. The time to act is now.”
LCCI warns business owners to brace for tougher challenges in 2025
Legit.ng previously reported that the Lagos State Chambers of Commerce warned business owners to brace for a tougher 2025.
The chamber’s reasons are that it expects a more hawkish CBN monetary policy due to the continuous rise in inflation rates.
LCCI called on the government to increase oil production and regulatory support to stabilise the naira
