Friday, 22 April 2016

Buhari insists Nigeria shouldn’t devalue naira

Buhari insists Niger
ia shouldn’t
devalue naira

– President Buhari received retired
permanent secretaries at the State House in
– He insisted that Nigeria derived no benefit
from previous devaluations of national
President Muhammadu Buhari has received
council of retired permanent secretaries in
Aso Rock presidential villa on April 22.
Femi Adesina, presidential spokesperson
informed about this in a statement through
his official Facebook account.
Buhari restated that he was yet to be
persuaded that the majority of ordinary

Nigerians will receive any concrete benefit
from a devaluation of the naira.
The president added that he still held the
persuasion which encouraged his honorable
resistance to devaluation in his first tenure
as head of state.
He said: “ When I was military Head of State,
the IMF and the World Bank wanted us
devalue the naira and remove petrol subsidy
but I stood my grounds for the good of

“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
told the retired permanent secretaries led by
Otunba Christopher Tugbobo.
The leader of the nation greeted the
council’s promise of support for the
successful execution of his government’s
change agenda, particularly in the priority
areas of improving security, curbing
corruption and revitalizing the national
“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,”
he added.
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.
International Monetary Fund and the United
States pressure on Nigerian government to
adopt a more flexible foreign exchange rate
to boost growth and investment in Africa’s
largest economy.
However, Buhari stood firm in rejecting calls
to devalue the national currency of Africa’s
top oil producer, saying that he wouldn’t “kill
the naira.”
At the same time crude oil prices rose to $
46 per barrel after the International Energy
Agency said that this year will see the
largest decay in oil production outside OPEC
in 25 years.