Nigerian Senator Ndume Claims Government Profiting From Rise In Dollar-To-Naira Exchange Rate

Nigerian Senator Ndume Claims Government Profiting From Rise In Dollar-To-Naira Exchange Rate....KINDLY READ THE FULL STORY HERE▶

Senator Ali Ndume has asserted that the Nigerian federal government is not at a loss due to the depreciation of the naira against the dollar; rather, it is gaining increased revenue to support its 2024 budget. Ndume clarified that the 2024 budget, presented in November, operates on a ‘dollarized’ income model, primarily deriving revenue from crude oil exports priced in dollars…..CONTINUE READING

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In an interview with Channels Television, monitored by BUSHRADIOGIST, Ndume explained that with the rising value of the dollar, the government would have more naira for its expenditures, which are denominated in the local currency. Emphasizing the continued high global demand for Nigeria’s major product, crude oil, he expressed confidence that the country stands to benefit from the prevailing dollar-to-naira exchange rate.

Highlighting the unique structure of the budget, Ndume emphasized, “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.”

Despite acknowledging the fall in the naira’s value against the dollar, Ndume underscored that since the country is selling its primary revenue-generating product in dollars, any dollars received would be valued at the current exchange rate. He concluded by suggesting that a thorough analysis would likely reveal that Nigeria stands to have more funds available to support its budget, indicating a potential benefit from the current dollar-to-naira exchange rate.

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