President Muhammadu Buhari has stated that he remains unconvinced that the devaluing of the naira would benefit Nigerians in any way.
He said this while speaking with members of the council of retired federal permanent secretaries.
He explained that he’d stood strong against the devaluing of the Naira when he was the military head of state.
“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,” he told the retired permanent secretaries led by Christopher Tugbobo.
“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 said he was pleased with the council’s pledge to support the implementation of his administration’s change agenda, especially in the priority areas of improving security, curbing corruption and revitalising the national economy.
“I am glad you have rightly identified the key issues we campaigned on,” he said. “We need a dynamic bureaucracy, which will not mislead us into taking wrong decisions.”