Why I Devalued the Naira- Buhari Reveals


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President Buhari, while addressing select newsmen as he concludes his first year in office has revealed that he is under a lot of pressure.

The President revealed this while speaking on the current economic state of the nation as there have been calls for his administration to devalue the naira.

Speaking on naira devaluation, Buhari said: “I challenged Nigerian economists to tell me what benefits Nigeria has earned from the devaluation so far. How many factories have we built by killing the Naira? I have to reluctantly give up because the so-called Nigerian economists come and talk things to me, and when I raise issues they talk over my head instead of inside my head.”

While stressing further that the Naira devaluation idea was never his option from the get-go, the President pointed out that the country has continuously lost the value of its currency by N100 yearly.

“For us to lose over N300 (every year we’re losing the value of the currency by N100), what for? Let them tell me how many factories they’ve built. I find myself in a very difficult state because the economists cannot tell me why we should continue to devalue our Naira.

“People say import, and we find out that we are just importing food! We’re now planning to stop importation of rice, wheat, maize in three years’ time.

He continued: “On the value of the Naira I’m still agonizing over it, that the Naira should be reduced to such a disgraceful level over the last 30 years. I need to be educated on this. But I’m not ruling this country alone. I’m under pressure and we’ll see how we can accommodate the economists.”

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