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The Lagos Chamber of Commerce and Industry says the N1,400 foreign exchange rate projection in the proposed 2025 budget is unrealistic.as the total expenditure for the 2025 budget.
Almona said inflation, which rose to 33.88 percent as of October 2024, makes it unrealistic to expect a steep 51 percent drop within a year. “Particularly, the assumption of an exchange rate at N1,400 is too fragile to work with against the current average of above N1,600 to a Dollar in both the official and parallel markets.
Almona advised the federal government to maintain fiscal discipline by adhering to the fiscal responsibility Act in budget management and borrowing.“With federal government debt already at about N134 trillion as of June 2024, inflation reaching a new high of 33.88 percent as of October, and businesses burdened with a high Monetary Policy Rate at 27.25 percent, the Federal Government has a narrow bridge to navigate choices of policy options,” she said.
“In recent months we have recorded massive destruction of lives and properties due to Climate-related factors. We therefore expect the legislative arms at all levels of government to appropriate more funds to tackle climate change adaptation and mitigation nationwide.
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