₦airaland Forum

After months of insisting that he had no plans to devalue
the naira, President Muhammadu Buhari has caved to
pressure to change course; SaharaReporters has learned
from an exclusive briefing by a few top aides of the
president.

A day after the Buhari administration increased the price of
the pump price of fuel by 67%, from N86.5 to N145 a liter,
our sources disclosed that Mr. Buhari has also agreed to
demands by the International Monetary Fund (IMF) that he
significantly devalues the Nigerian currency. Our sources
indicated that the naira would be pegged at N290 to one
dollar. The current official rate is about N200 to a dollar.

Our sources said Mr. Buhari and his economic team took
the decision to accept the IMF’s terms for funds that the
Nigerian government wants to access to bridge a critical
shortfall in revenue occasioned by a drastic decline in oil
revenues. An administration insider told SaharaReporters
that Nigeria could receive as much as $3 billion in credit
facilities from the IMF.

“The truth is that Nigeria cannot operate without sourcing
credit from the IMF,” said one of our sources, an economic
adviser to Mr. Buhari, who spoke on condition of
anonymity. “And the IMF was adamant that we must
devalue before they can discuss extending credit to us,” he
added.

Curiously, administration officials took the decision to
devalue the naira without the input of the Governor of the
Central Bank of Nigeria (CBN), Godwin Emefiele, another
source revealed. An official of the CBN confirmed to
Saharareporters that bank executives were kept in the dark
about the discussions that led to the Buhari
administration’s decision to devalue the naira. “Some of us
here [the CBN] are not opposed to devaluation, given our
country’s present circumstances,” the source said, adding
that it was the CBN’s function to pilot Nigeria’s monetary
policies.

One of our sources pointed to the fact that the naira has
been weakened in the parallel market, where it now sells at
N360 per dollar. “The government cannot continue to
operate under the illusion that the naira is stronger than it
is. The only problem is that we did not start early enough to
admit to Nigerians how bad the financial outlook was,” the
source added.

The Nigerian economy has been pummeled by falling oil
earnings that have led to a near collapse of the economy.
The IMF had long indicated its readiness to support
Nigeria’s economy with credit liquidity but insisted on
Nigeria devaluing its currency. President Buhari had
insisted on numerous occasions, before and after his
election, that he would never devalue the naira.

It is unclear how Mr. Buhari and members of his economic
team plan to justify the about-turn on devaluation and other
policy somersaults. After initially vowing to reduce the price
of fuel, the government yesterday announced a significant
hike in fuel price. The administration also set to announce a
10% increase in value-added tax (VAT), another indication
that the Buhari government was embracing the kind of
liberalization pushed by the IMF.

To compound dwindling oil prices, militants in the oil-rich
Niger Delta region have crippled oil exports substantially
after bombing oil pipelines and issuing threats to oil
companies to leave the region.

Last week, several oil companies evacuated essential staff
from the region’s offshore platform leading to a reduction in
daily oil outputs from 2.2 million barrels a day to 1.3 million
barrels a day.

Source : http://saharareporters.com/2016/05/13/buhari-bows-imf-pressure-devalue-naira-290-dollar

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Hello bloggers, which is the best hosting company in Nigeria with good customer communication/response and uptime? Please I need responses from experienced bloggers only.

President Muhammadu Buhari on
Thursday appointed Tolu Ogunlesi
as his Special Assistant on Digital/
New Media.
Mr. Ogunlesi, who is a renowned
blogger and journalist, graduated
from the University of Ibadan in
2004, and obtained an MA in
Creative Writing from University
of East Anglia, UK, in 2011.
Before his appointment, Mr.
Ogunlesi had worked as a
Features Editor and Editorial
Board member of NEXT
Newspaper. He also worked as a
West Africa Editor for The Africa
Report magazine from 2014 to
2015.
Mr. Ogunlesi is a two-time winner
of the CNN Multichoice African
Journalism Awards, and a 2015
New Media Fellow of the U.S.
State Department’s International
Visitor Leadership Programme
(IVLP).
Mr. Ogunlesi will be assisted by
Bashir Ahmad, who is a Personal
Assistant to the President on New
Media.

Source : www.premiumtimesng.com/news/more-news/198671-buhari-appoints-tolu-ogunlesi-head-new-media-team.html

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NgeneUkwenu:
This Useless GOVERNOR called Dickson, should man up and fight his political battle without dragging My Buhari into his mess...

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