Abdul Samad Rabiu, President of the BUA Group, has predicted that the naira may settle at N1300, on the backdrop of the ongoing economic reforms of President Bola Tinubu
Rabiu, speaking after meeting with President Tinubu at the presidential Villa, Abuja, applauded the federal government reforms,
Recall that the federal government has recently indicated that its revenue grew by 411%, from 2023 to 2025.
Read also: Naira hits 15-month high at black market amid low demand
The government also revealed that the federal government no longer rely on Ways and Means to fund its activities.
From the paltry N711 billion in 2023, May, the federal government said its revenue has jumped to N3.7 trillion by 2025
The revenue increase is mainly from the oil sector, while the NNPC was also reported to have made its first-ever remittance to the federation account
The FIRS also made revenue collection of N644bn, as against N96 bn, representing an increase of 571%.
The Non-Oil Revenue: hit N1.056trn from the mere N151b, representing another 599% increase
On the backdrop of low pressure on the naira, the currency exchanged for N1490 to the United States dollar on Wednesday, after reaching as high as N1800 earlier.
Rabiu, looking at the federal government revenue prospects, noted that ” I expect that the exchange rate is going to strengthen even further.
” I expect that the rate should come down to maybe N1,300, N1,400 before the end of the year. And this is something that we should all celebrate
“If I may add, you have seen that the CBN is doing quite a lot, and businesses today do not actually need foreign exchange from the Central Bank of Nigeria.
He noted that ” the reliance or need for foreign exchange from the Central Bank has virtually disappeared and of course, we also know that companies and businesses alike are able to get FX abroad, using the ATM and credit cards. These are all positives.”
Read also: Citi sees naira sliding to 1,700/$ in 2026 on CBN easing, oil slump
So really, for all of these, we must give full credit to His Excellency and the government, their bold reforms and decisive policies are creating the foundation for a stronger economy, a more stable currency and a better future for businesses and Nigerians alike.
Also speaking on the prices of food items, Rabiu noted, ” If you look at the prices of food items last year and what we have today, you’ll see that there is a significant reduction in all the commodities, prices of food items.
” S lo I think we just need to be a bit more patient, clearly, things are getting better and we must continue to support the government, and we owe this progress to the vision and leadership of His Excellency, President, Bola Ahmed Tinubu.”
