Buhari : “I’m not convinced devaluation of naira is beneficial to Nigerians”

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President Muhammadu Buhari has insisted that he would not agree to the devaluation of naira, noting that he is not convinced of its benefits to Nigerians.

According to a statement issued by his Special Adviser on Media and Publicity, Mr. Femi Adesina, on Friday, April 22, the President said that regardless of the call for the devaluation of naira, he woud stand his ground against it as he did when he was the military Head of State.

He stated this while speaking at a meeting he had with members of the Council of Retired Federal Permanent Secretaries led by Chief Christopher Tugbobo at the Presidential Villa, Abuja.

He said: “When I was military Head of State, the International Monetary Fund and the World Bank wanted us to 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.”

The President welcomed the council’s pledge of support for the successful implementation of his administration’s change agenda, most importantly 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,” Buhari said.

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.

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