The CPPE said the exchange rate assumption in the budget should be immediately reviewed
has said that the proposed plan to remove petroleum subsidy would improve Nigerian government’s revenue by at least N6 trillion annually.
“There is a plan to discontinue petroleum subsidy, which is a positive development. This action would unlock a minimum of N6 trillion in revenue into the federation account annually. Additionally, there would be an end to the several years of plundering of the nation’s resources through the subsidy regime,” the CPPE statement said.
He explained that over the years, the exchange rate assumptions in the appropriation acts were grossly and deliberately understated, leading to the loss of trillions of naira for the economy. Similarly in 2022, Mr Yusuf said an estimated $18 billion was sold as an intervention in the forex market at an average rate of N447/$.
“For an economy that is burdened by a huge fiscal deficit and unsustainable debt obligations, this should not be allowed to continue in 2023. The reality is that forex end users are paying well over N700/$ for their business transactions. Selling government forex at less than N500/$ is inexcusable,” the statement said.Mr Yusuf noted that the exchange rate assumption in the budget should be immediately reviewed to reflect exchange rate realities and boost revenue to the federation account.
“Currency brokers, middlemen and some operatives in the financial system are the major beneficiaries of the huge arbitrage opportunities, massive rent economy and the vast round-tripping enterprise that the forex subsidy regime has created,” he added.
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