President Muhammadu Buhari said that he is yet to be convinced that majority of ordinary Nigerians will make any gain from devaluation of the Naira.
Buhari spoke on Friday, when he received members of the Council of Retired Federal Permanent Secretaries led by Otunba Christopher Tugbobo at the Presidential Villa, Abuja.
Buhari was quick to note that devaluation is not what Nigeria needs, same conviction he had when he was military Head of State in the eighties.
The President welcomed the Council’s support for the successful implementation of his administration’s Change Agenda, especially in the priority areas of revitalizing the national economy, improving security and curbing corruption.
Special Adviser on Media and Publicity, Femi Adesina, in a statement quoted the President saying:
“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 added: “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,” the President 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.
