₦airaland Forum

Devaluation in itself is not totally a bad economic policy as one of its major benefits is export promotion as opposed import... The problem is what does Nigeria export n how much does she import?

With this in mind, Do u think Buhari should socumb to the ongoing pressure by the IMF to devalue the Naira?

steveneche:
Devaluation in itself is not totally a bad economic policy as one of its major benefits is export promotion as opposed import... The problem is what does Nigeria export n how much does she import?

With this in mind, Do u think Buhari should socumb to the ongoing pressure by the IMF to devalue the Naira?

For me, this raging debate over currency devaluation and IMF vs China loan is just a ploy by the APC government to divert public attention away from their gross ineptitude.
That the local currency slumped to an all-time low of over N320/U$1 in less than a year into the "messianic change" government is enough proof of Buhari's poor handling of the economy.

These people who after getting to power rebuffed calls from all quarters for the quick composition of a cabinet and the prompt formulation of sound economic policies to attract FDI deserve no modicum of public sympathy. They claimed to be cleaning "mess" while their inaction ensured the Stock Exchange lost hundreds of billions of naira, investors fled owing to lack of economic direction while the local currency slumped. As if these were not enough, they imposed some palaeolithic currency control measures and yet expect the economy not to head towards recession.

We're in this mess courtesy their legendary incompetence. They created these problems for us, and how they go about solving them ain't our business.

Wetin concern the common man with IMF/China, Devaluation or no Devaluation? Buhari and his ministers are paid to do the worrying for us. Enough of this deceit abeg.

Not all of us are fools, they expect us to sing Buhari's praises for rejecting the IMF's overtures in favour of a masked enslavement deal with China and I ask: why should we praise you for attempting to solve a problem you created?

Before any zombie quotes me and starts scribbling drivels, remember that Buhari inherited:

- N205/$1
- Nigeria as Africa's largest economy and number one-rated FDI destination
- A vibrant Stock Exchange
- Enlistment in JP Morgan's Bond Index

How did we lose all of these in less than a year under Buhari and why should we praise him now for begging around in a bid to solve problems he created himself through his cluelessness?

Battling to fix what you destroyed cannot be deemed an achievement. I'll take the old man serious only when he succeeds in improving what he inherited and not while he's fighting tooth and nail to merely return to status quo.

One advantage is that salaries will then get paid.... although with a diminished value.