President Buahri says 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.
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