Nigeria derived no benefit from previous devaluations of the Naria- Buhari

President Buahri says that he was yet to be convinced that
the vast majority of ordinary Nigerians will derive any
tangible benefit from a devaluation of the Naira. Speaking
at a meeting with members of the Council of Retired
Federal Permanent Secretaries, President Buhari said that
he still held the 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.
President Buhari 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,” 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. Chief Philip Asiodu, the
Pioneer Chairman of the Council, said 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,” Chief Asiodu told the President.

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