Nigeria has never benefited from naira devaluation –Buhari
President Muhammadu Buahri on Friday said he was not interested in devaluing the naira because Nigeria did not benefit anything from such previous exercise.
According to the President, devaluation has never benefitted the vast majority of the Nigerian people in any tangible way.
The President stated this in a meeting with members of the Council of Retired Federal Permanent Secretaries, adding that he still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.
A statement issued by the Special Adviser to the President on Media and Publicity, Femi Adesina, quoted the President as saying: “When I was military Head of State, the IMF and the World Bank wanted us to devalue the Naira and remove petrol subsidy but I stood my grounds for the good of Nigeria.
Read also: FG, States, LGs share 299.7bn for March as revenues decrease
“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,” the President told the retired Permanent Secretaries led by Otunba Christopher Tugbobo.
Speaking at the meeting with the President, the first pioneer chairman of the council, Chief Philip Asiodu, said members of the council want the present administration to succeed because Nigeria has already lost many opportunities for progress.
RipplesNigeria …without borders, without fears
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: 4 yrs after completion, Kwara PHC facility inactive, rural dwellers in pains
In the middle of the night sometime in September 2019, Fatimah Ballah struggled with severe pains as she tries to...
INVESTIGATION: How Oyo State, contractors spent N1.1bn on water projects, but communities don’t have a drop
Multimillion naira water projects largely initiated by the late Abiola Ajimobi-led state government in Oyo State to benefit over 40...
INVESTIGATION: In Cross River, civil servants retire into poverty as govt looks away, squanders funds on frivolities
Thousands of civil servants in Cross River State struggle to stay alive as they are denied their gratuities and monthly...
Students suffer as contractors abandon Kano school projects after receiving over N70m
In 2019, to improve the condition of public schools in Kano State, the Federal Government disbursed millions of naira to...
SPECIAL REPORT: World Bank road projects go bad in Enugu, as state govt fails to fulfill promise
Counterpart funded road projects between the world Bank and Enugu State government have started to fail, as the state government...