Nigeria derived no benefit from previous devaluations of the Naria- Buhari | Welcome to Linda Ikeji's Blog

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Friday, 22 April 2016

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.

20 comments:

Uju Phil said...

Tori...

Vivian Reginalds said...

before nko, wa else would he say?
-D great anonymous now as Vivian Reginalds

GREAtson Vieriche CJ said...

Mr. President I personally support your stubbornness on this devaluation issue. DO not relent on your efforts to stable the Naira against the Dollar. If there is nothing to gain from it, then there is no need going for it at all.

Anonymous said...

see the hot bathroom sex video with a white dude maheeda shared

STERN said...

"When I was" MR CLUELESS, we are not talking of the past here..Wake up and face the current reality cos right now the naira devaluation has gone too high!

Juliet Iwuno said...

Well said! Linda take note!

Bonita Bislam said...

I stand with Buhari on this.I remember when this issue if devaluation was pushed on Buhari from every angle when the dollar rose dangerously against the naira, Buhari stood his ground, & gradually the situation was controlled to a certain level.If Buharis visit to China has showed me anything, it is that this country's economy will rise again.Those refineries that are about to be born will decrease if not entirely stop importation of oil & increase export.This will earn Nigeria foreign exchange in no small measure.Employment will be offered to many Nigerians & unemployment will consequently decrease.And if only, agriculture would be considered to be the co-mainstay of our economy , I see this country being unstoppable by 2019

Anonymous said...

This man doesn't understand the dynamics of devaluation! His comparison of regimes is simply pedestrian. The variables at play during the regimes weren't the same.Kolaq

Y.F.C. Omrex said...

Your opinion baba.

ogbonna nwabueze said...

Confused president

christie benjamin said...

I'll respectfully say........stop talking old man!

Jamila Shaibu said...

Ok

arthur obi said...

Aboki u keep blaming GEj

Jossy said...

But are you really so stupid, blind and confused? Where did he blame GEJ? Was it GEJ that removed him in the 80s? How did u graduate without reading?

Anonymous said...

Well I fail to see how his policies have helped the lives of Nigerians. Rampant inflation from expensive dollars, no fuel from a nonsense subdiy hidden in a artificial dollar price and the few factories that existed firing people and closing down lines! Must we wait for this olodo to catch up with the program before the whole country comes to a grinding halt?

Anonymous said...

Nigeria derived no benefit from previous terms of office of General Muhammadu Buhari either, yet he's back. Go Buhari, please go, Nigerian's want benefit not old cargoes,Change change

Ify Chude said...

It's unbelievable that president agreed that subsidy has been in existence since 1983, contrary to what he told us during campaign that there was nothing like subsidy that it was all PDP scam to milk the nation. Having said that I think our president is confused to think or apply 1983 experience to solve 2016 wahala when the world is a global village now is insane and cluelessness of the highest order. It's a shame and huge set back for our great nation.

Anonymous said...

Clearly, this man has no connect with the economic realities on ground... For a past leader to still not be able to render any proper report of what happened in the 80s after he was booted out, then there is a problem

This man was booted out successfully with a majority jubilating, because while he was trying to get things done in his own way, he introduced austerity measures and other things that made the people suffer economically. If he wasn't failing economically and politically, IBB would not have gotten the necessary support and alliance he needed to plan a palace coup and keep Buhari under house arrest for 3 years, without any meaningful opposition

Clearly, this man is both delusional and stubborn. I am so sad I supported this man. May God help us

ikechukwu patsy Blog said...

My President may almighty God continue to guild and protect you for refusing to sale Nigeria to satanic IMF and World mad men called bank.

Anonymous said...

Blind president

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