President Muhammadu Buahri says he is still not convinced that the vast majority of ordinary Nigerians will derive any tangible benefit from a devaluation of the Naira.
The Nigerian President made the remark at a meeting with members of the Council of Retired Federal Permanent Secretaries on Friday.
According to a statement by a spokesman for the President, Femi Adesina, President Buhari insisted that still held the conviction which motivated his principled resistance to devaluation in his first tenure as Head of State.
“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.
“But how many factories were built and how many jobs were created by the devaluation?