18th December 2024, NewsOrient, News
By Uche Eke, Reporter

President Bola Ahmed Tinubu has projected 15 percent inflation in Nigeria in 2025 down from the current rate of 34.6 percent.

This is part of the highpoints of his N47.9t Budget presentation on Tuesday to the joint session of the National Assembly in Abuja.

In the budget, the President also projected one thousand, five hundred Naira (N1,500) to one United States of America Dollar ($1) exchange rate in 2025, from the current approximate rate of about one thousand, seven hundred Naira (N1,700) to one United States of America Dollar ($1).

These projections, according to Mr President were anchored on “a base crude oil production projection of 2.06 million barrels per day.”

He said the projections would be achieved through: “Reduced importation of petroleum products,” “increased export of finished petroleum products;”
“bumper harvests, driven by enhanced security;” and “reduction on reliance on food imports.”

Other measures he cited that would help his government to realise his projections include: “increased foreign exchange inflows through foreign portfolio investments; “higher crude oil output and exports,” amongst others.

The budget allocations include: N4.91 trillion for Defence and Security, N4.06 trillion for infrastructure, N2.48 trillion for health and N3.52 trillion for education.

Tinubu told Nigerians that his budget will “seek to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction. and promote equitable income distribution and human capital development.”

~ NewsOrient

For News, Interviews, Special Events Coverage, Advertisements, Corporate Reports, etc., Contact:
Email: Newsorientng@gmail.com

Website: https://newsorientng.com
Phone: +2348023165410; +2348064041541