Nigerian government rakes in N582bn from FX difference

The Nigerian government raked in N581.710 billion in revenue from foreign exchange differences in July 2024.

This is according to July’s Federation Account Allocation Committee communique.

DAILY POST earlier reported that federal, state and local governments received N1.358 trillion as allocation for July 2024.

The disbursed fund is a fraction of the N2.613 trillion total gross revenue for the period under review.

Accordingly, exchange differentials, which represent accrued income to the government or bank holding foreign currency reserves arising from differences between the sale and purchase of FX, contributed N581.710 to the N1.358 trillion disbursed in July.

The revenue was also drawn from statutory revenue of N161.593 billion, value-added tax revenue of N528.307 billion, N18.818 billion from Electronic Money Transfer Levy (EMTL), and N13.647 billion.

DAILY POST recalls that on June 14, 2023, the Central Bank of Nigeria floated the naira, which forced the currency to drop from N477 per dollar to N1,579.89 on Friday.