*President Bola Ahmed Tinubu explains how forecasts in the N49.7 trillion 2025 Federal Appropriation Bill Budget will decline inflationary rate form current 34.60 percent to 15 percent next year, and improve from approximately 1,700 Naira per US Dollar to 1,500 Naira, and an assumed base crude oil production of 2.06 million barrels per day

Isola Moses | 绿帽献妻

President Bola Ahmed Tinubu has explained how forecasts in the N49.7 trillion 2025 Federal Appropriation Bill, which he presented Wednesday, December 18, 2024, to the joint session of the National Assembly (NASS), in Abuja, FCT, will make inflation decline from current 34.60 percent to 15 percent next year.

绿帽献妻 reports President Tinubu, in his budget speech, said that the exchange rate would improve from the approximately N1,700 per Dollar to N1,500.

The Nigerian leader also noted: 鈥淭his is an ambitious but necessary budget to secure our future.鈥�

As regards the specific projections on inflation and exchange rates, the President stated: 鈥淭he Budget projects inflation will decline from the current rate of 34.6 percent to 15 per cent next year, while the exchange rate will improve from approximately 1,700 Naira per US Dollar to 1,500 Naira, and a base crude oil production assumption of 2.06 million barrels per day.鈥�

According to him, the 2025 Budget projections are based upon extant observations, such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest, driven by enhanced security, as well as decreasing reliance on food imports into the country, among others.

Speaking on the key highlights of the 2025 Appropriation Bill Tinubu further listed the key priority areas of the budget to Defence and Security 鈥� N4.91 trillion, Infrastructure 鈥� N4.06 trillion, Health 鈥� N2.4 trillion, and Education 鈥� N3.5 trillion, among others.

NBS on headline inflation rate

It has been noted that millions of Nigerian consumers are contending with economic hardship, resulting from incessant increases in inflation rate, coupled with volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.

The National Bureau of Statistics (NBS), in its Consumer Price Index (CPI) report, recently announced the country鈥檚 headline inflation rate increased from to 34.60 percent November 2024 from 33.88 percent October 2024.

The CPI measures the rate of change in prices of goods and services in the economy.

The NBS report on the November inflation rate also reflected an increase of 0.72 percent points, compared to the October 2024 inflation rate.

鈥淥n a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%).

鈥淭his shows that the Headline inflation rate (year-on-year basis) increased in November 2024 compared to the same month in the preceding year (i.e., November 2023),鈥� the Bureau said.

Significantly, food inflation rate in November 2024 was 39.93% on a year-on-year basis, 7.08% points higher than the rate recorded in November 2023 (32.84%).

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