Nigerians Won’t Benefit From Naira Devaluation, Buhari Insists
Nigerians won’t benefit from naira devaluation, Buhari insists
President Muhammadu Buhari
President Muhammadu Buhari on Friday said those who have been canvassing for the devaluation of naira had not succeeded in convincing him of the benefits inherent in the exercise for ordinary Nigerians.
He said despite the clamour, he would stand by the position he took against devaluation during his tenure as military Head of State.
According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke at a meeting he had with members of the Council of Retired Federal Permanent Secretaries led by Chief Christopher Tugbobo at the Presidential Villa, Abuja.
He said, “When I was military Head of State, the International Monetary Fund and the World Bank wanted us to devalue the naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.
“The naira remained strong against the dollar and other foreign currencies until I was removed from office in August, 1985 and it was devalued.
“But how many factories were built and how many jobs were created by the devaluation? That is why I’m still asking to be convinced today on the benefits of devaluation.”
Buhari welcomed the council’s pledge of support for the successful implementation of his administration’s change agenda, especially in the priority areas of improving security, curbing corruption and revitalising the national economy.
“I am glad you have rightly identified the key issues we campaigned on. We need a dynamic bureaucracy which will not mislead us into taking wrong decisions,” the President said.
The Council of Retired Federal Permanent Secretaries was established in 2004 to serve as a platform for retired permanent secretaries to offer constructive advice to government on key policy issues.
The Council’s pioneer chairman, Chief Philip Asiodu, said its members want the present administration to succeed because Nigeria has already lost many opportunities for progress.
“We are non-partisan. The interest of Nigeria is paramount to us and we are anxious that you should succeed,” Asiodu told the President.