Photos: Nigeria will never benefit from naira devaluation President Buhari

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– President Buhari received retired permanent secretaries at the State House in Abuja

– He insisted that Nigeria derived no benefit from previous devaluations of national currency

President Buhari

President Muhammadu Buhari has received council of retired permanent secretaries in Aso Rock presidential villa on April 22.

Femi Adesina, presidential spokesperson informed about this in a statement through his official Facebook account.

Buhari restated that he was yet to be persuaded that the majority of ordinary Nigerians will receive any concrete benefit from a devaluation of the naira.

READ ALSO: Why I refused to devalue naira – Buhari

The president added that he still held the persuasion which encouraged his honorable resistance to devaluation in his first tenure as head of state.

He said: “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.

Muhammadu Buhari

“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.

The leader of the nation greeted the council’s promise of support for the successful execution of his government’s change agenda, particularly in the priority areas of improving security, curbing corruption and revitalizing the national economy.

READ ALSO: President Buhari takes concrete stand on Naira devaluation

“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,” he added.


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.

International Monetary Fund and the United States pressure on Nigerian government to adopt a more flexible foreign exchange rate to boost growth and investment in Africa’s largest economy.

However, Buhari stood firm in rejecting calls to devalue the national currency of Africa’s top oil producer, saying that he wouldn’t “kill the naira.”

At the same time crude oil prices rose to $ 46 per barrel after the International Energy Agency said that this year will see the largest decay in oil production outside OPEC in 25 years.

Buhari with perm secretaries

The post Photos: Nigeria will never benefit from naira devaluation – President Buhari appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM.

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