Nigeria earn N23.4b foreign exchange …Private sector contributes N3.7b

Nigeria’s total foreign exchange earnings from both official and non-official sources from the month of January to November 1987 amounted to ($5.8 billion). N23.8 billion against the ($4.974 billion) N20.44 billion budgeted for the whole year. This show a N3.4 billion increase above the year’s budget. Of this amount ($4.88 Р26 billion) N20.067974 billion represent official sources of foreign exchange inflow while ($925.87) N3.8054 billion came in as autonomous source of foreign exchange Republic investigation has shown.
According to investigation, the total foreign exchange allocation transactions not valid for foreign exchange during the period January to November 1987 amounted to ($4.55808 billion) N18.7316 billion.
It was gathered that the sectional distribution of foreign exchange saw industry with the highest rate of ($2.790238 billion) N11.47696 billion representing a 61.26 per cent of total allocation.
Finished goods was next with an allocation of foreign exchange worth ($1.30250 billion) N5.3534 billion representing a 28.58 per cent of total allocation. Invisible trade followed closely with a share of ($253.85 million) N1.0433.48 billion while agriculture was lost with an allocation of $209.35 million which represented a 4.59 per cent of total allocation.
According to official figures, total foreign exchange disbursements for the period, January to November 1987 amounted to ($4.935 billion).
Investigation further revealed that actual receipts from all officials sources during the period was less than budgeted receipts by about ($93.5 million) N384.294 million a 2% fall.
Also, actual disbursement were in excess of budgeted disbursement and receipts by ($375.7 million N1.544 billion i.e 8.4 per cent and ($469.20) N1.9284 billion or 10.5 per cent respectively.

Inflow of foreign exchange from autonomous sources (private sector) during the period of January to November 1987 totalled ($925.87) N3.805 billion. Of this amount, ($436.36 million) N1.793 or 47% was realised from non-oil exports.
The balance of ($489.51 million) N2.0119 billion was accounted for by service transactions including direct capital investment, payments into domiciliary accounts, and over-the counter purchase by banks.
The balance on domiciliary accounts as at November 30, 1987 stood at N$90.34 million) N374.036 million.