FG Benefits from Naira Depreciation – Ndume

Senator Ali Ndume, representing Borno South Senatorial District has stated that the Federal government benefits from the Naira depreciation as the 2024 budget is ‘dollarized.’

“Don’t forget that this budget is a ‘dollarized’ budget, especially in terms of income. And when it comes to the terms of the expenditure, it’s in naira.

“So if we are getting our money in dollars and the value of the dollar is up, that means we will have more naira in terms of what we spend because we are not spending in dollars, we are spending in naira, while we are getting our revenue in dollars.

Speaking during an interview with Channels Television on Thursday, the Lawmaker revealed that the country benefits more from the naira-to-dollar exchange rate.

“Truly, the value of naira against the dollar has fallen but we are selling our major product that we generate income in dollars. And that means any dollar we get now will also be valued at the current dollar-to-naira exchange rate.

“So if you do the analysis critically, it may mean if you balance it up, we may have more money to fund our budget. So technically, Nigeria is even benefiting from the dollar-to-naira hike.”

He urged Nigerians to be a little patient as the country will benefit from the dollar rate despite a dollar being equivalent to ₦1,789.660.

Source:  Daily Trust