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
“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
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
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
“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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