The Federal Government, on Thursday, said it settled for N800 to dollar exchange rate in the 2024 Appropriation Act after considering the average performance of the naira. It said it avoided basing the foreign exchange benchmark in the 2024 budget on a spot rate, to avoid eventualities and uncertainties. The Minister of Budget and National Planning, Atiku Bagudu, who spoke with State House correspondents explained that the FG had earlier chosen the projected exchange rate of N750 to the dollar in the 2024 budget which the National Assembly raised to N800 to the dollar,Bagudu said, “For budgeting purposes, you don’t use the spot rate of anything. Bagudu also spoke on the level of borrowing to fund the deficit in the 2024 budget, saying there is a significant difference between 2024 borrowing compared to last year’s. He explained, “We will not go outside the law and borrow from ways and means, what is outside the law.

Source: Punch January 12, 2024 11:09 UTC