President Muhammadu Buahri today, insisted 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.

This would not be the first time the President is kicking against the devaluation of the naira, even in the face of slow economic growth, an almost four-year high inflation rate of 12.8 percent in March and with calls by International Monetary Fund (IMF) for a “speedy unwinding” of the currency controls to help revive the economy.

Speaking at a meeting with members of the Council of Retired Federal Permanent Secretaries, at the Presidential Villa, 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 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 foreigncurrencies 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 ofdevaluation,” President Buhari told the retired Permanent Secretaries led by Christopher Tugbobo, a statement by Presidential Spokesman, Femi Adesina, said.

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, curbingcorruption 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.

Philip Asiodu, the Pioneer Chairman of the Council, said that its members want the present Administration to succeed because Nigeria hasalready 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.

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