Senator Ali Ndume has said the federal government is not losing out from the naira depreciation against the dollar, but rather gaining more revenue to fund its 2024 budget.

He explained that the 2024 budget, which was presented by President Bola Ahmed Tinubu last November, is a ‘dollarised’ budget in terms of income, as most of the government’s revenue comes from crude oil exports, which are priced in dollars.

Speaking during an interview with Channels Television, Ndume noted that as the value of the dollar increased, the government would have more naira to spend on its expenditure, which is denominated in naira.

He added that Nigeria’s major product, crude oil is still in high demand in the global market, and that the country will benefit from the current dollar-to-naira exchange rate.

He said, “Don’t forget that this budget is a ‘dollarised’ budget, especially in terms of the income. And when it comes to the terms of the expenditure, it’s in naira.

“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.

“Truly, the value of naira against the dollar has fallen but we are selling our major product that we generate income in dollars. And that means any dollar we get now will also be valued at the current dollar-to-naira exchange rate.

“So if you do the analysis critically, it may mean if you balance it up, we may have more money to fund our budget. So technically, Nigeria is even benefiting from the dollar-to-naira hike.”

https://dailytrust.com/fg-benefiting-from-dollar-to-naira-hike-ali-ndume/#:~:text=26%3A13%20WAT-,Senator%20Ali%20Ndume%20has%20said%20the%20federal%20government%20is%20not,to%20fund%20its%202024%20budget.

We all know that that the government is in the know of these hike just in the guise to make money to finance the budget.

Hehehe.

Ndume has been firing on all cylinders lately.

He is just acting as if he is a new elected senator.

In other words, Ndume is telling us that as dollars goes up, Nigeria government is very happy, while the masses a left to gnash their teeth in penury.

You can now see the game plan. They don't care about the masses. The funny thing is that almost half of the budget will be looted.

Government defenders over to you.

Let me assume Sen. Ndume was misquoted because I don't believe this is coming from a Nigerian Senator

Even a Primary school drop out knows better for a country whose import is far more than the export

Of course those responsible for the dollar racketeering hence forex fluidity also include the government itself. After all, the foreign export/exchange is in dollar.

WRONG. THAT IS CHARITY BEGINNING FROM FOREIGN LANDS.

Our budget us benchmarked on the dollar while the citizens are advised to grow naira

Make God grant all of us strength as we grow our politicians pockets oo

Still half truth. One day one of them will spill the beans and "die". Their chests are choked and their hearts heavy but no courage to say what they know about the present catastrophe.

From the President to the NASS, the Governors to their members of the legislative Houses, are all beneficiaries of the current sufferings in the land

Hmmm......

"It's my turn, give me power; give me power..."

INEC has given u power but you don't know what to do with it.

Tinubu is a notorious narcotics drug trafficker benefiting from the naira depreciation

We worship this dollar too much.

Only God can deliver us from self-slavery.

Omo the last sentence is really funny..
Are you guys really serious in that country?

FG is benefiting but the masses are suffering because the dollar devaluation is impacting fuel and household commodity the masses use daily.

So what happens to the excess monies the FG is benefiting? Where is it going to? At least we need that explanation.

Fire on tje mountain.

The same people and the same thing

I thought that this man has been in senate for long and never spoke up until CBN and Aviations' movement?

Let's continue to teach Igbos politics.

You go explain tire

Ndume on the beat… the mathematician 😂😂😂

Just wow everyone who has sense know that this present regime is completely behind the fall of naira by thier thoughtless policies ...but then even if 5k goes against one dollar tinubu and co will benefit it more afterall most of the looted funds are converted into dollars..infact stealing naira and converting it to dollars by our politicians is the chief reason naira is going down on a steady rate

Criminals in power

This are the mumu we have in government

Mumu Ndume

Crude oil earning has always been in dollar why make it look like it's starting today

These people will never get common sense until they're done sinking this country.

Government earn in dollar and fund their opulent lifestyles too in dollar

Can you all see what a senator is saying? Is this not cluelessness in its raw form? I dont think this one has any idea of what inflation is, all he cares about is the high exchange rate which is even detrimental to an import dependant country like Nigeria. I am sure by now, he would be regretting spitting this after he is being called to notice by someone knowlegdeable . 99% of politicians do not care if the masses suffer or die, they are there for their selfish interest. This was evident during corona when they hoard palliatives. If that was not wickedness, tell me what it was.

We all know that d useless idiotic Tinubu has nothing to offer. Look at d rate of hardship everywhere u go, u will see a full grown up man begging u food not even money, ordinary food that we used to throw away some years ago. It shall never be well wit ronu crew dem. Bastards everywhere

In other words, nothing would be done to stem the tide.

He just said this, later he will change the interpretation that the whole thing didn't favor FG

Can Ndume be taken serious, given his past and present?

No be Wahala be this nii. Where’s Cardoso that keeps on harassing the BDC operators

Lol