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Five things Buhari told Nigerians in Kenya

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President Muhammadu Buhari continued his three day visit to Kenya with an interactive session with Nigerians resident in the East African nation on Wednesday, where he spoke on five issues.

Firstly, President Buhari reiterated his opposition to the devaluation of the Naira, insisting that such a move would kill the currency. He also said the devaluation decision is one he was not prepared to take yet. According to him, only export-driven economies have something to benefit from devaluation of their currencies, insisting that an import driven economy like Nigeria’s would only result in greater inflation and hardship for the poor.

Read also: The problems with Nigeria, by Buhari

Secondly, on the the BDCs, the President said the suggestion for the CBN to resume sale of forex to them is one that cannot be accepted, adding that the business of the BDCs had become a huge scam and a drain on the economy. According to President Buhari, as at 2005, there were just 74 BDCS with the number growing to about 2,800. He also disclosed that bank and government officials had been using people to run the BDCs and make huge profit by buying from government and selling at higher prices.

“We will use our foreign exchange for industry, spare parts and the development of needed infrastructure. We don’t have the Dollars to give to the BDCs. Let them go and get it from wherever they can, other than the Central Bank,” he said.

Thirdly, on the removal of subsidy, the President alleged that up to about a third of petroleum subsidy payments made under the past administration were bogus and fake. According to him, “They just stamped papers and collected our foreign exchange.”

Fourthly, the President expressed optimism that the Nigerian economy would soon stabilize.

Lastly, On the hardship being faced by Nigerian students abroad over the scarcity of foreign exchange, Buhari appealed to them to bear with his government.

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