The Nigerian government has reported a substantial revenue boost of N581.710 billion from foreign exchange (FX) differences in July 2024.
This figure was disclosed in the latest Federation Account Allocation Committee (FAAC) communique.
The FX gains are part of a larger disbursement of N1.358 trillion allocated to federal, state, and local governments for the month.
The total gross revenue for the period under review stood at N2.613 trillion.
According to the FAAC report, the revenue sources included statutory revenue of N161.593 billion, value-added tax (VAT) revenue of N528.307 billion, N18.818 billion from the Electronic Money Transfer Levy (EMTL), and N13.647 billion from other sources.
The contribution from FX differences can be attributed to the Central Bank of Nigeria's (CBN) decision to float the naira on June 14, 2023.
This policy shift led to a dramatic depreciation of the currency, dropping from N477 per dollar to N1,579.89 by Friday.
The move was aimed at stabilizing the economy and influencing financial allocations across various levels of government.
"The floating of the naira has had a profound impact on our revenue streams," said Ogaga Ariemu, a financial analyst.
"The accrued income from FX differences represents a crucial component of the government's financial strategy."
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