President Muhammadu Buahri has said he was yet to be convinced ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.
He spoke at a meeting with members of the Council of Retired Federal Permanent Secretaries, stressing that he still held the same conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.
“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,” President Buhari told the retired Permanent Secretaries led by Otunba Christopher Tugbobo.
He thanked the Council for its support for 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,” the President said.
Chief Philip Asiodu, the Pioneer Chairman of the Council, said they are for the good of the nation and will support any initiative that will lead to development: “We are non-partisan. The interest of Nigeria is paramount to us and we are anxious that you should succeed,” Chief Asiodu told the President.
