ABUJA: President Bola Tinubu has forecasted that Nigeria’s inflation rate will decline from 34.6% to 15% in 2025, as part of his ambitious ₦47.9 trillion budget proposal. The President also projected that the exchange rate will improve from ₦1,700 per dollar to ₦1,500.
In his address to a joint session of the National Assembly, Tinubu emphasized that the budget aims to address the economic challenges facing the country. He cited key drivers for the projections, including reduced importation of petroleum products, increased export of refined petroleum, and enhanced agricultural output due to improved security.
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Highlights of the proposed 2025 budget include substantial allocations for defence and security (₦4.91tn), infrastructure (₦4.06tn), health (₦2.4tn), and education (₦3.5tn). The budget is framed as a strategic plan to stabilize the economy and foster growth.
The announcement comes amid ongoing economic difficulties, with Nigeria’s inflation rate hitting 34.6% in November 2024, and food inflation reaching 39.93%. The current exchange rate has also remained volatile, with the naira fluctuating around ₦1,700 per US dollar.
