₦airaland Forum

The All Progressive Congress (APC) presidential candidate Muhammadu Buhari said he refused to remove subsidies on petrol and devalue the naira when he was head of state because it would destroy the economy.

Buhari, who spoke during a town hall meeting in Abuja on Wednesday, said he refused the bidding of the world super powers to save the country.
He said the nation has lost greatly from the devaluation of the currency in terms of growing the economy and creating employment for the youth as employers who had to take bank loans to import raw materials and machines are running their industries at a loss.

‎"When we came into power in December 1983, we were approached by the world power at some stage to devalue the naira, remove petroleum subsidy and remove subsidy on flour, but we refused," he said.
He explained that "the issue was that if we get plenty of naira, what are we going to do with it? We even stopped farming and the only thing we get money from them was oil and that was being paid in dollars."

He said "if you have excess of groundnut, cocoa, cotton or palm oil, you sell it in foreign exchange. If you devalue the currency, the naira will be affected and Nigerians will not get value for their goods and services."

The APC flag bearer said "I was told to remove subsidy on petroleum and because I had the honour of being in charge of petroleum for three and half years, I don't know in terms of Nigeria, who is subsidising who."

"To the best of my knowledge then, the Nigerian petrol and Nigerian capital was used to develop the refineries up to the time I was there. We built the refineries from one of 50,000 bpd to four of 450,000 bpd, laid pipelines of over 3000 kilometres, built more than 20 depots with all Nigerian money," he said.

He added that no money was borrowed to develop the infrastructure in the oil sector.

"To the best of my knowledge then, the
Nigerian petrol and Nigerian capital was
used to develop the refineries up to the time I
was there. We built the refineries from one of 50,000 bpd to four of 450,000 bpd, laid
pipelines of over 3000 kilometres, built
more than 20 depots with all Nigerian
money," he said. He added that no money was borrowed to develop the infrastructure in the oil sector."

SeverusSnape:
What does Buhari know about economy?... Absolutely nothing!, You didn't devalue the Naira, right?...Oya, Come and stabilize world oil price let's see. Nonsense!!!

WisdomFlakes:
Wait till March 28 when he is elected into office. Then we all will witness his different approach. Obviously the current system isn't sustainable. It's just not working. Why reward failure? Vote APC. Vote Buhar/Osinbajo 2015.

SeverusSnape:
... Elected to be the president of Arewanistan, with capital in Sambisa forest.

SeverusSnape:
... Elected to be the president of Arewanistan, with capital in Sambisa forest.

WisdomFlakes:
Listen, you don't have to vote for him, that is fine. But he has enough voters that will realize that objective of electing him into office. This is a movement, it's not just about Buhari. The Nigerians masses OWN this movement.

alberto2k:
Sorry Baba Idonbilivit

Everyone deserves a 2nd chance


Let give GEJ another chance...
GEJ till 2019

centmichael101:
If u don't know by now that jonathan have beaten buhari off the poll then u are on a wrong things!!

lovemko:
[s]i have finaly comcluded that some people in this country naturaly have bad blood, they are sadist, and they dont care about the well being of anybody aside them selves...[/s]

guy if you are ibo, then what i wrote above is a waiste on you, but if you are any other tribe wch i doubt... then you need to be excommunicated cos people like you can bring unnecessary enemity and hatred that could instigate war!

oluwafemi113:
The man

politricks:
Person wey fail deserves to repeat right?
Sai GMB

oluwafemi113:
The man

The All Progressive Congress (APC) presidential candidate Muhammadu Buhari said he refused to remove subsidies on petrol and devalue the naira when he was head of state because it would destroy the economy. Buhari, who spoke during a town hall meeting in Abuja on Wednesday, said he refused the bidding of the world super powers to save the country. "When we came into power in December 1983, we were approached by the world power at some stage to devalue the naira, remove petroleum subsidy and remove subsidy on flour, but we refused," he said.

To the best of my knowledge then, the Nigerian petrol and Nigerian capital was used to develop the refineries up to the time I was there. We built the refineries from one of 50,000 bpd to four of 450,000 bpd, laid pipelines of over 3000 kilometres, built more than 20 depots with all Nigerian money," he said. He added that no money was borrowed to develop the infrastructure in the oil sector.