Victor EzejaThe Nigerian government has projected crude oil production to be around 2.06 million barrels per day (mbpd) in 2025.
The government also set the oil price benchmark at $75 per barrel in the 2025 Budget
Join our WhatsApp ChannelPresident Bola Tinubu, who stated these while presenting the 2025 Appropriation Bill at the National Assembly on Wednesday, expressed optimism that there will be an improvement in crude oil production and export next year.
He further stated that the exchange rate was set at ₦1,500 per dollar as the government hopes that the naira will appreciate against the green back in the coming year.
Tinubu also stated that there is a target to bring down the inflation rate from the current 34.60 per cent to 15 per cent in 2025.
The president explained that the projections are based on the following observations: “reducing the importation of petroleum products, increasing exports of refined petroleum products, and achieving a bumper harvest driven by enhanced security, which will reduce reliance on food imports. Additionally, we aim to increase foreign exchange inflows through foreign portfolio investments.”
“Our crude oil output and exports will improve, coupled with a substantial reduction in upstream oil and gas production costs.”
In the budget titled “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” defence and security, infrastructure, health and education tops the Tinubu government’s agenda.
READ ALSO: Tinubu: Our Economic Reforms Already Yielding Fruits, Assures Better Days Ahead
According to the president, N4.91 trillion was proposed for defence and security, while infrastructure, Health, and Education were allocated N4.06 trillion, N2.48 trillion and N3.5 trillion, respectively for the 2025 fiscal year.
Tinubu pointed out that all budgetary allocations “underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.”
The ₦47.96 trillion proposed expenditure has a deficit of about ₦13 trillion as the federal government targets about 34.82 trillion revenue to finance fund it.
Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.
