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TALL Forcast: 2025 Budget will bring down inflation to 15%, dollar to N1,500-Tinubu
President Bola Tinubu has said that the 2025 budget forecasts that inflation will decline from current 34.6% to 15% next year.
He said this during his presentation of the N47.9 trillion 2025 budget proposal to a joint session of the National Assembly on Wednesday.
The President also said that the exchange rate will improve from approximately N1,700 per dollar to N1,500.
According to Tinubu, “this is an ambitious but necessary budget to secure our future.”
“The Budget projects inflation will decline from the current rate of 34.6 per cent 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,”Tinubu said.
He said the budget projections are based upon observations such as reduction of petroleum products importation, increased export of finished petroleum products, bumper harvest driven by enhanced security, reducing reliance on food imports, among others.
Tinubu listed highlights of the budget to include defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.
Nigerians are grappling with economic hardship following incessant increase in inflation and volatile exchange rate that has seen dollar exchange as high as N1,700 in recent days.
On Monday, the National Bureau of Statistics (NBS) said Nigeria’s headline inflation rate rose to 34.60% in November 2024 from 33.88% in October 2024.
The November inflation rate showed an increase of 0.72% points compared to the October 2024 inflation rate, according to NBS’s latest Consumer Price Index (CPI) report which measures the rate of change in prices of goods and services.
“On a year-on-year basis, the Headline inflation rate was 6.40% points higher than the rate recorded in November 2023 (28.20%). This 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),” 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%).
By Kayode Sanni-Arewa
The ex-Director General of National Broadcasting Commission (NBC) Professor Tom Adaba is dead.
The veteran journalists died on Saturday peacefully in Abuja.
The late Adaba was born in July 2nd, 1941
According to Chief Adinoyi Joe Anivasa JP, Secretary Egbira Elders Forum Abuja on Saturday stated as follows, “I feel sad to inform you that our elder and Leader, Prof Tom A Adaba just answered the call of nature by giving up his ghost to the Lord this morning.
“Further details about his burial arrangements would be communicated later.
“We thank God for his life. May God have mercy on his shortcomings and grant his soul eternal peaceful rest in His Heavenly Kingdom, Amen.
He was the first Nigerian (between 1988 and 1992) to be honoured as president of the African Council for Communication Education.
By Kayode Sanni-Arewa
The Osun State chapter of the Labour Party (LP) has pulled out from the local government elections scheduled for Saturday, citing concerns over inadequate security arrangements for the polls.
Adebayo Bello, the State Chairman of LP, made the announcement on Friday in Osogbo, explaining that the party could not participate in the election due to the lack of proper security measures put in place by the Osun State Independent Electoral Commission (OSSIEC). He further called for the postponement of the election for one to two months, urging the electoral body to address the security issues and resolve any legal complications before proceeding with the poll.
Bello stated, “We believe that postponing the election will give OSSIEC enough time to ensure proper preparations and guarantee a secure environment for the voters and candidates.”
In support of this position, one of the party’s chairmanship candidates, Oyebode Babalola, expressed deep concerns over the potential disruption of the election. Babalola emphasized that although the party was fully prepared for the election, it could not risk participating under the current security circumstances.
“We have seen troubling signs that the election might be disrupted, and we are not willing to put the lives of our supporters and citizens in danger,” Babalola explained. He echoed the call for the election to be postponed, stressing the need for sufficient security to safeguard the election process.
As the party withdraws from the election, it remains to be seen how the situation will affect the overall election planning and whether the authorities will heed the call for a postponement.
By Kayode Sanni-Arewa
Governor Ademola Adeleke of Osun State has cast his vote at Unit 9, Ward 2, in Ede North Local Government Area, marking an early start to the election process at 8 a.m. on Saturday.
This comes amid growing concerns over potential unrest during the poll, which has been contentious.
Despite warnings from the Attorney General of the Federation, Lateef Fagbemi, and calls from the Nigeria Police Force for the suspension of the election due to the anticipated security challenges, the election proceeded as planned.
The Labour Party also expressed its decision to pull out of the exercise, citing concerns over the safety of its agents.
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