Again, Buhari Rejects Further Devaluation Of Naira, Says Not In Interest Of Ordinary Nigerians


BEVERLY HILLS, April 22, (THEWILL) – President Muhammadu Buhari has stuck to the conviction which motivated his principled resistance to the further devaluation of Naira in his first tenure as Head of State, stressing that he has not yet been convinced that the vast majority of ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.

A statement issued by the Special Adviser to the President on Media and Publicity, Femi Adesina reports that Buhari stated this in Abuja on Friday at a meeting with members of the Council of Retired Federal Permanent Secretaries.

The calls for a devaluation of the Nigerian currency have continued to reverberate in some quarters with the International Monetary Fund, IMF, piling pressures on Nigeria to toe the line in view of the weakened value of the Naira.

But speaking with his guests on Friday, Buhari 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 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.

“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.”

He 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,” he stated.

The statement reports that 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.

In an earlier remark, the Pioneer Chairman of the Council, Chief Philip Asiodu stated that its members want the present Administration to succeed because Nigeria has already lost many opportunities for progress.

“We are non-partisan. The interest of Nigeria is paramount to us and we are anxious that you should succeed,” Asiodu told the President.