Seven ministries, departments and agencies seem to expect the foreign exchange crisis in the country to worsen as they budget N235.46m to cover foreign exchange losses.

This was according to data in the proposed 2023 budget available on the website of the Budget Office of the Federation.

According to the Corporate Finance Institute, a foreign exchange gain/loss occurs when a company buys and/or sells goods and services in a foreign currency, and the currency fluctuates relative to its home currency.

In the 2023 budget, the highest allocation for forex losses is that of Police Formations and Commands, which budgeted N113.5m to cover foreign exchange losses.

It is followed by the National Centre for Control of Small Arms and Light Weapons, with an allocation of N75.98m.

There is also the National Intelligence Agency, which budgeted N40.02m to cover the foreign exchange loss.

Others are: the National Counter Terrorism Centre with an allocation of N3.75m; the Nigerian Airforce with N1.26m; the Office of the Permanent Representative to FAO with N502,830; and the Ministry of Communications and Digital Economy, N454,198.

Credit: Punch

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