Nigerians React As Tinubu Predicts Inflation Will Plummet To 15% Next Year

The 2025 budget forecasts a reduction in inflation from the current rate of 34.6% to 15% by next year.....KINDLY READ THE FULL STORY HERE▶

President Tinubu made this announcement during his presentation of the ₦47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Tuesday.

He also projected an improvement in the exchange rate, anticipating it will drop from about ₦1,700 per dollar to ₦1,500.

“This is an ambitious but necessary budget to secure our future,” Tinubu stated. “The budget projects a decrease in inflation from the current 34.6% to 15% next year, while the exchange rate is expected to improve from ₦1,700 per US dollar to ₦1,500, with an assumed base crude oil production of 2.06 million barrels per day.”

The President explained that these projections are based on factors such as a reduction in petroleum product imports, an increase in the export of finished petroleum products, a bumper harvest driven by enhanced security, and reduced reliance on food imports.

Tinubu highlighted key allocations in the budget, including ₦4.91 trillion for defense and security, ₦4.06 trillion for infrastructure, ₦2.4 trillion for health, and ₦3.5 trillion for education, among others.

On Monday, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate rose to 34.60% in November 2024, up from 33.88% in October 2024.

The November inflation rate marked a 0.72% increase compared to the previous month, according to the NBS’s latest Consumer Price Index (CPI) report. On a year-on-year basis, the inflation rate in November 2024 was 6.40% higher than the rate recorded in November 2023, which stood at 28.20%.