FG Earns N581.7bn from FX Difference in July

The Nigerian government generated N581.710 billion in revenue from foreign exchange differences in July 2024, according to the Federation Account Allocation Committee (FAAC) communique.

This revenue is part of the N1.358 trillion allocation received by federal, state, and local governments for July 2024.

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The FAAC report showed that the N581.710 billion earned from exchange differentials is a significant contribution to the total gross revenue of N2.613 trillion for the period.

Other sources of revenue included statutory revenue (N161.593 billion), value-added tax revenue (N528.307 billion), Electronic Money Transfer Levy (N18.818 billion), and others (N13.647 billion).

The Central Bank of Nigeria’s decision to float the naira on June 14, 2023, led to a significant drop in the currency’s value, from N477 per dollar to N1,579.89. This move has resulted in increased revenue for the government through exchange differentials.