I Was Removed From Office In 1984 For Refusing To Hike Fuel Price – President Buhari
President Muhammadu Buhari has again reiterated his stance to not increase the price of petroleum products as well as to devalue the naira.
The president made his position known on Friday night in Abuja at the 2016 regimental dinner organized by the presidential brigade of guards.
Buhari also suggested that his decision to not increase the price of petrol and devalue the naira in 1984 led to is removal.
President Muhammadu Buhari was then the Military Head of State of Nigeria in 1984-1985 before he waas overthrown by a military coup in 1985.
Buhari in his speech addressed the soldiers and officers saying:
“I have resisted the devaluation of the naira, and increase in the price of petroleum products, among others.
“When I was military head of state, I rejected similar advice by the IMF and World Bank to devalue the naira.
Buhari Was Removed For Not Devaluing Naira In 1984
“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.”
Back in May 2015 when President Buhari assumed office, the naira exchanged to the dollar at N197/$1.
Presently, the naira officially exchanges to the dollar at over N315 to $1 (Central Bank of Nigeria rate), while on the black market, it exchanges at almost N500/$1.