Former Director-General of the Abuja Chamber of Commerce and Industry, Chijioke Ekechukwu, has expressed concerns over the 2025 budget’s projection of an exchange rate of N1,500 to $1, suggesting it signals the government’s inability to lower the rate.
President Bola Ahmed Tinubu presented a N47.96 trillion national budget for 2025 to the National Assembly on Tuesday, stating that the budget reflects economic realities and aims to foster prosperity for Nigerians if implemented effectively. He described the appropriation as a consolidation of key government policies.
However, Ekechukwu criticized the exchange rate projection as worrisome. Speaking on Channels Television, he stated, “The exchange rate projection at N1,500 to $1 essentially tells Nigerians that the government has no plans to bring it lower. People are still hopeful for a reduction to around N1,000, but this projection dashes those hopes.”
Ekechukwu argued that the exchange rate projection indicates a lack of optimism in stabilizing the naira. He also questioned the oil production target of over two million barrels per day, calling it overly ambitious given current realities. “If you consider where we are today, there’s no clear indication of measures to significantly increase production to meet that target. It’s good to be ambitious, but achieving this in 2025 seems unlikely unless there’s an unannounced plan,” he added.
He further noted that while oil pricing may align with market trends, the projected inflation rate of 15% is equally ambitious. “Achieving a 15% inflation rate with current petroleum product pricing and inflationary pressures is near impossible. Insecurity and other key drivers of inflation remain significant challenges,” Ekechukwu remarked.
He concluded by emphasizing the need for practical strategies to address these concerns, warning that overly optimistic projections could undermine public trust in the budget’s feasibility.
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