President Muhammadu Buhari has said he will not
support any move to devalue the naira and increase fuel
price, TheCable reports.
The president made this known in Abuja on Friday night
at the 2016 regimental dinner organised by the
presidential brigade of guards. The annual event is
organised to mark the end of drilling year of the
commission – and it is also an opportunity for officers to
“mingle” with their commanders.
Buhari said that his stance against the devaluation of the
naira and fuel price increase precipitated his overthrow as
military head of state in 1985.
“I have resisted the devaluation of the naira, increase of
the petroleum products, among others,” he told the
soldiers and officers.
“When I was military head of state, I rejected similar
advice by the IMF and World Bank to devalue the naira.
“I refused and gave my reasons and the next thing I knew
I was removed and detained for three and a 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,”
he added.
At present, the official exchange rate of the naira is
N300/$1, while it is N495/$1 at the black market. It was
officially N197/$1 when Buhari assumed office in May
2015.
The pump price of petrol was N86.50 and has increased
to N145.
