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Buhari blames IBB for Naira fall

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Still unable to find a lasting solution to the fall of the nation’s currency – the Naira – against international currencies, especially the U.S dollar, President Muhammadu Buhari has placed the blame squarely on the regime of former military Head of State, Ibrahim Babangida.

Buhari in an interview with the BBC stated that the Structural Adjustment Programme (SAP) which was initiated by Babangida, between 1986 and 1988 killed the naira.

According to him, the introduction of the SAP was the origin of the problem facing the naira today.

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It would be recalled that the SAP policy consisting of devaluation of the naira was one of the conditions given by the International Monetary Fund (IMF) and the World Bank for loans to countries that experienced economic crises.

Buhari said, “I went through devalue in 1984…it’s SAP that killed the naira. I have asked governor of central bank and others to sit and see if they can convince me to murder the naira. It’s disgraceful that Nigeria imports toothpicks, rice and tomato purée.”

The president in the interview, also lamented that many young people in the country today could not get jobs, adding that this is one of the biggest challenges his administration is facing.

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