By Daniel Edu
Senator Ali Ndume has stated that the federal government is not losing out due to the depreciation of the naira against the dollar; instead, it is gaining more revenue. According to Ndume, the 2024 budget is essentially “dollarized” in terms of income, as a significant portion of the government’s revenue comes from crude oil exports, which are priced in dollars. As the value of the dollar rises, the government benefits by having more naira to spend on its budget, which is denominated in naira. Ndume emphasized that Nigeria’s major product, crude oil, is still in high demand globally, ensuring the country benefits from the current dollar-to-naira exchange rate.
