My 1985 Sanction as Head of State Crippled Naira - Buhari

PRESIDENT Muhammadu Buhari has said that
the naira was strong against major foreign
currencies when he was military head of state as
he resisted pressure to devalue it.
Speaking at a meeting with members of the
Council of Retired Federal Permanent Secretaries
led by Otunba Christopher Tugbobo, at the
Presidential Villa, on Friday, he observed that the
naira was eventually devalued when he was
toppled in 1984 after 20 months in office.
He insisted 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.
A statement issued by presidential spokesman,
Femi Adesina, after the meeting said Buhari
explained that he still held the conviction which
motivated his principled 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 to 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."
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 revitalising the national economy.
He added: "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 statement recalled that 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," Asiodu said.