President Muhammadu
Buhari has restated his resolve not to devalue the naira or increase the price
of fuel.
He made this known
in Abuja on Friday night, during the 2016 regimental dinner organized by the
presidential brigade of guards.
Buhari also
suggested that his refusal to devalue the naira and increase fuel price during
his time as Military Head of State in 1984-1985, led to his overthrow.
“I have resisted the
devaluation of the naira, increase of the petroleum products, among others,” he
told the soldiers and officers.
“When I was military
head of state, I rejected similar advice by the IMF and World Bank to devalue
the naira.
“I refused and gave
my reasons and the next thing I knew I was removed and detained for three and
half years.
“As a civilian
president, I will do my best and I’m telling you all these because you are part
of the leadership of this great country and God willing we will remain great.”
When Buhari assumed
office in May 2015, the exchange rate was N197/$1. It currently stands at over
N300 to $1 officially and N495/$1 in the black market.
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