President Buhari Condemns Ruthless Devaluation of the Naira


Following the stabilizing of one dollar to N280, President Muhammadu Buhari decried the naira devaluation, saying it is ‘ruthless.’

The President who spoke at a breaking of fast dinner with the business community in Abuja on Monday, 27th June, said that he is yet to be convinced about the economic benefits of the naira devaluation exercise.

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“How much benefits have derived from naira devaluation in the past? I don’t like the returns I get from the CBN because that coupled with the demand that let us devalue the naira. In August 1985 when the naira was N1.3 to a dollar now you need N300 or N350 to a dollar.

“What do we derive from that, how much benefit can we derive from this ruthless devaluation of the naira? I’m not an economist neither a businessman, I fail to appreciate what the economic explanation is.

“What has happened to us now is that we have maneuvered ourselves into mono-economy which led to the collapse we are seeing now. A lot of responsibilities now fall on your shoulders now. You have a lot of investments, a lot of people you employ,” he added.

Buhari also said his administration would make Nigeria self-sufficient in rice production within the next 18 months. He noted that 13 states of the federation had been identified for the production of the crop, and that the Minister of Agriculture, Audu Ogbeh, had already been briefed on how best to achieve the target.

The president accused the previous regimes of mismanaging the nation’s scarce resources which has led to lots of wastage on the importation of food items. He said the nation had no option than to concentrate more on agriculture and solid mineral activities.

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Mr. Kola Jamodu gave a remark on behalf of the business community, thanking the president for inviting them to the breaking of fast dinner. He also expressing the readiness of the private sector to partner the administration in addressing the economic challenges facing the country.