President Buhari not convinced of Naira devaluation

Ben Adam Shemang, Abuja

President Muhammadu Buahri is insisting that he is yet to be convinced that the vast majority of ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.

Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, President Buhari said that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.

“When I was military Head of State, the International Monetary Fund-IMF and the World Bank wanted us 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,” he said.

‘Not convinced yet’
“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 on the benefits of devaluation,” President Buhari insists.

President 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 revitalizing 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.

 

Sammie