President Bola Ahmed Tinubu sets an ambitious target to reduce Nigeria’s inflation rate from the current 34.6% to 15% by the end of 2025. While presenting the 2025 Appropriation Bill to the National Assembly, he outlines key fiscal reforms aimed at stabilizing the economy and fostering sustainable growth.
“The 2025 budget projects a significant drop in inflation from 34.6% to 15% by next year’s end. Additionally, the exchange rate is expected to strengthen from approximately N1,700 per dollar to N1,500,” Tinubu states, emphasizing the importance of these targets for achieving economic stability.
The proposed budget, designed to drive recovery, includes critical projections:
- Crude oil production of 2.06 million barrels per day.
- Reduced dependence on petroleum imports through increased domestic refining capacity.
- Boosted agricultural output, supported by improved security measures.
Tinubu highlights the need to enhance foreign exchange earnings through export growth and increased foreign investment. “We aim to expand crude oil output and reduce upstream production costs to strengthen our economy,” he explains.
Tinubu underscores infrastructure development, security improvements, and targeted investments in critical sectors like oil and gas as essential components of his economic transformation plan.
“Our priority is not only achieving macroeconomic stability but also creating opportunities for Nigerians to thrive. By improving infrastructure and security, we will unlock the full potential of our economy,” he adds.
The President expresses confidence in enhancing government revenue through initiatives such as the Nigerian Revenue Service Establishment Act and the Tax Reform Bill.
Key measures include:
- Strengthening fiscal discipline and transparency to support development goals.
- Reducing reliance on imported goods by promoting domestic production, particularly in agriculture and energy.
Tinubu reaffirms his administration’s focus on limiting imports, which have strained foreign exchange reserves. “Our reforms are designed to support local production and lay a foundation for sustainable growth,” he states.
Tinubu calls for cooperation from all sectors to realize the vision of the 2025 budget. He emphasizes that achieving these bold reforms requires collective effort to overcome challenges and build a resilient economy.
The 2025 Appropriation Bill presents a comprehensive strategy to address Nigeria’s fiscal challenges while setting a course for sustainable economic growth. Tinubu encourages Nigerians to support these initiatives, emphasizing that a stable economy benefits all citizens.
The budget now moves to the National Assembly for review, with its potential impact on Nigeria’s economic trajectory closely watched.
