Nigeria’s forex reform in June increased the nation’s income through FX distinctions to N1.36 trillion in 6 months.
The Federation Account Allocation Committee, FAAC, divulged this in its communiqué.
The gains come as forex revaluation resulted in the devaluation of the naira, which presently costs N885.88/$1, compared to its 2022 closing rate of N461.50/$1.
According to the communiqué, the distinction increased from N0.639 billion in June to N364.87 billion in November.
From the gains, FAAC shared N320.89 billion in July, N229.67 billion in August, N186.81 billion in September and N262.89 billion in October.
Offering a breakdown of how the accumulated earnings was shared amongst the 3 tiers of federal government, an analysis of the file showed that after the federation account got N625.77 billion from exchange distinction earnings, state federal governments shared N317.36 billion, while the city government got N244.66 billion in 6 months.
DAILY POST remembers that in the last 6 months, the Nigerian federal government made N907.05 billion in June, N966.110 in July, N1.1 trillion in August, N903.48 billion in September, N906.955 billion in October and N1,088.783 trillion in November as the quantity that accumulated to the federation’s account.