In a recent interview with Channels Television, Senator Ali Ndume revealed that the Nigerian federal government, under the leadership of President Bola Ahmed Tinubu, is not facing losses due to the depreciation of the naira against the dollar.
According to Ndume, the 2024 budget, presented by Tinubu in November, is essentially 'dollarized' in terms of income, primarily relying on revenue generated from crude oil exports, which are priced in dollars.
As the value of the dollar increases, the government gains more naira to spend on its expenses, denominated in naira. Ndume emphasized that Nigeria's major revenue source, crude oil, remains in high demand globally, ensuring benefits for the country despite the current dollar-to-naira exchange rate.
The revelation prompts a closer analysis of the economic strategies employed and their impact on the national budget
