FX devaluation gain contributes N4.23tn to FAAC revenue in 12-month

Nigeria’s foreign exchange devaluation gain has contributed N4.23 trillion to the Federation Account Allocation Committee revenue for the last twelve months.

This is according to a recent report by Agora Policy.

The report attributed the increased FAAC revenue since the Naira floating in June last year.

It stated that FX gains contributed 20.14 percent to the N20.99 trillion FAAC revenue in the last year.

“From May 2023 to April 2024, a total of N4.23 trillion was shared as exchange gain by FAAC, representing 20.14% of N20.99 trillion, which was the gross FAAC revenue for the 12 months”.

Recall that FAAC revenue had increased since June last year upon the introduction of fuel subsidy removal and Naira floating.

At the close of work last Friday, Naira traded at N1483.99 against the dollar from N460 in May last year.