Tinubu Announces Unexpected GOOD NEWS To Nigerians, Declares Dollar Reduction By N200, See Exciting Details
President Bola Ahmed Tinubu has projected a significant decline in inflation and an improvement in the exchange rate in the proposed 2025 budget. Speaking at the National Assembly during the presentation of the N47. 9 trillion budget proposal, Tinubu stated that inflation, which currently stands at 34. 6%, is expected to decline to 15% by next year. Additionally, the naira- dollar exchange rate is forecast to improve from N1, 700 per dollar to N1, 500 per dollar.
The President described the proposed budget as ” ambitious but necessary” to secure Nigeria’ s economic future. He highlighted that the fiscal plan is underpinned by key assumptions, including reduced petroleum product importation, increased exports of refined petroleum, bumper agricultural harvests bolstered by enhanced security, and reduced reliance on food imports. These measures, Tinubu argued, would strengthen Nigeria’ s economy, reduce inflationary pressures, and stabilize the currency.
The budget outlines significant allocations to critical sectors, with N4. 91 trillion earmarked for defence and security, N4. 06 trillion for infrastructure, N3. 5 trillion for education, and N2. 4 trillion for healthcare. These investments, according to Tinubu, are designed to address structural challenges, stimulate economic growth, and improve the standard of living for Nigerians.
However, the economic challenges facing Nigerians remain daunting. The latest report from the National Bureau of Statistics (NBS) revealed that the headline inflation rate rose to 34. 6% in November 2024, up from 33. 88% in October. The NBS noted that this represents a 0. 72% month- on- month increase. On a year- on- year basis, the inflation rate is 6. 4% higher than the 28. 2% recorded in November 2023, underscoring the sustained rise in the cost of goods and services.
Food inflation, a critical component of Nigeria’ s economic woes, surged to 39. 93% in November 2024, marking a 7. 08% increase from the 32. 84% recorded in November 2023. The soaring cost of food continues to exert pressure on households already grappling with declining purchasing power and economic instability.
Despite these challenges, the proposed 2025 budget offers hope for a turnaround. Tinubu’ s administration is banking on structural reforms, improved security, and strategic investments in key sectors to drive economic recovery. The anticipated decline in inflation and a stabilized exchange rate, if achieved, would provide much- needed relief to Nigerians. However, experts caution that these ambitious targets will require diligent implementation, fiscal discipline, and sustained policy consistency to succeed.
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