• Senate Chief Whip, Ali Ndume, asserts that the Tinubu administration benefits from naira depreciation against the dollar.
• Ndume explains that the 2024 budget, presented by President Tinubu, operates on a ‘dollarised’ income basis.
• He notes that as the value of the dollar rises, the government gains more naira to spend on its expenditure, which is denominated in naira.
• Ndume highlights the continued high demand for Nigeria’s major product, crude oil, in the global market, suggesting potential benefits from the current dollar-to-naira exchange rate.
• While Ndume remains optimistic, many Nigerians are concerned about the nation’s economic outlook despite promises of inflation moderation in 2024.
