The President of the Federal Republic of Nigeria, Muhammadu Buhari has again reiterated the strength of the naira during his military regime against foreign currencies when he refused to devalue it.
The President, speaking at the Presidential Villa on Friday whole meeting with members of the Council of Retired Federal Permanent Secretaries led by Otunba Christopher Tugbobo, lamented that the naira was later devalued following the toppling if his administration after 20 months in office.
The president continued that he saw no possible gain the naira devaluation will bring to the masses.
Further in a statement issued after the meeting by the Presidential spokesman, Femi Adesina, Buhari maintained that: “When I was military Head of State, the IMF 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 also lauded the Council for its support in the implementation of the administration’s change mantra. He said: “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.”