NIGERIA DERIVED NO BENEFIT FROM PREVIOUS
DEVALUATIONS OF THE NAIRA - PRESIDENT
BUHARI

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.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
April 22, 2016

https://mobile.facebook.com/GarShehu/photos/a.1636528929894525.1073741828.1636468759900542/1730938080453609/?type=3&lul&_rdr

I actually Dont know why all of a sudden IMF cares so much for Nigeria

Good.

For everything Buhari have done not devaluing the naira is one I gv my utmost respect and support.


I stand with you on dz One..BuBu

Its high time those who keep asking for devaluation find another thing to say cos its evident PMB will not bulge.

Devalue naira and devalue naija. #SayNoToDevaluation

and they call this man illiterate...

yes he maybe an illiterate but those of us who voted for him see a man who is very intelligent. a leader who questions everything and isnt MOVED by his aides and advisers.
this man is not a pushover and thats what this country needs......a patriotic defiant leader!

hassan85:
I actually Dont know why all of a sudden IMF cares so much for Nigeria

They know we are a few cycles away from being self sufficient. With our people power and our soon to be newfound infrastructure we will be unstoppable.

The majority of the continent tends to follow our lead. So when we get it together they will follow suit. We are the first domino that they want to keep from starting the reaction.

170+ million black people in a thriving nation is terrifying to white supremacy. Imagine when all of our sectors are booming. Tourism, mining and agric alone will get us right but the petro dollars and people power are going to put us in rare air.

Check out how Egypt is doing after devaluation. All those NEPA bill jokes will soon cease when people see the results.
http://www.nigerianbulletin.com/threads/egypt-back-to-square-one-a-month-after-it-devalued-its-currency.205038/

bentlywills:
For everything Buhari have done not devaluing the naira is one I gv my utmost respect and support.


I stand with you on dz One..BuBu

Me too.
Those IMF people are the most dubious characters on earth

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

Before any mumu begin act on menu 3 (curse/ abuse) of the wailing Robot programme, answer this kweshion first...


Pseudo economists are also enjoined to state facts & not just spew confusing technical jargons!

Who & when for NAIJA devaluation don epp?


Cc 989900

Imagine say, you devalue the naira, alright.

Let me quickly highlight the disadvantages:

The value of investors' holdings reduces. This will scare off foreign investors.

There will be a sharp rise in the cost of debt repayments owed in foreign currency/ies

Inflation results.

Reduction in the purchasing power of the citizenry.

Just to list a few.

The insistence on Nigeria devaluing the naira for me is a sort of modern day colonialism that's meant to sap the poor and plunge us into deeper problems than we've found ourselves in today.

"The IMF, along with the World Bank has put the global on a path of greater inequality and environmental destruction." (Per global exchange website).

Ladies and gentlemen, that, in quote above, is the agenda...always has been!

So, Mr president, thanks for maintaining your stance. Your resolve will be tested, but never will you cave in to suckers and conduits of western enrichment!

The fact is we have very little to export asides oil and thust devaluation will only make us need more local currency to buy same foreign good we are used to while at the same time increasing the rate of our capital flight because that will mean more scarce local money leaving our system for same value of old.
Buhari is right 100%.

modath:



Before any mumu begin act on menu 3 (curse/ abuse) of the wailing Robot programme, answer this kweshion first...


Pseudo economists are also enjoined to state facts & not just spew confusing technical jargons!

Who & when for NAIJA devaluation don epp?


Cc 989900

You dey mind them?
Devaluation is optional but best suited for economies that are ready to turn a new leaf by increasing alternative exported goods. In Nigeria we still don't have the apparatus to support local production, not even refining of crude that's in abundance. It a shame.

on your track, get set to attack pmb, GO!
sir, they have no cogent reason, they will rather abuse you and anyone that tries to defend you.

Simple irrefutable truth!

hassan85:
I actually Dont know why all of a sudden IMF cares so much for Nigeria

Neither IMF nor world bank cares about Nigeria. They're "for profit" organization like every other bank. They're not charity organization.

They make money by giving loan to countries. Therefore, they cannot make money unless they find a country to give loan.

If they could make our condition worse, they will, to be in business.

hassan85:


"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?

April 22, 2016

https://mobile.facebook.com/GarShehu/photos/a.1636528929894525.1073741828.1636468759900542/1730938080453609/?type=3&lul&_rdr

This is not true. The Naira was losing value rapidly at that time. And again, devaluation was not the issue, depreciation was.