He spoke at the State House, Abuja when he made a defense of his insistence on not devaluing the Naira before a delegation of the Council of Retired Federal Permanent Secretaries which came on a courtesy visit.
Buhari declared that as head of state for 20 months between December 1985 and August 1985, he strongly resisted pressures from the World Bank and the International Monetary Fund (IMF) to devalue the Nigerian currency and remove petrol subsidy.
It was only after he was ousted in a military coup by General Ibrahim Babangida that the Naira was devalued with no tangible benefits to the economy, he recalled. The President then explained that he has consequently remained opposed to currency devaluation since he was yet to be convinced that the vast majority of ordinary Nigerians would derive any tangible benefit from a devaluation of the Naira.
His words: When I was military Head of State, the IMF and the World Bank wanted us to devalue the Naira and remove petrol subsidy but I stood my ground 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.
Buhari told the retired Permanent Secretaries led by Otunba Christopher Tugbobo that he welcomed their support for the successful implementation of his administrations 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 Authority
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