President Muhammadu Buahri insisted Friday in Abuja 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.