No Benefit From Devaluation Of Naira-Buhari

No Benefit From Devaluation Of Naira-Buhari


President Muhammadu Buhari for the umpteenth time has insisted that he does not see any benefit that the country can derive from devaluation of the naira.

Speaking at a breaking of fast dinner with  the  business community at the Presidential Villa, yesterday, President Buhari also disclosed that 13 states have been identified that can produce rice that will feed the nation in 18 months.

According to him, despite the ongoing implementation of the flexible policy which has systematically devalued the nation’s currency, no benefits from devaluation of the naira.

He noted, “How much benefit 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 naria, in August 1985 when the naria 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 is the economic explanation.

He added that”What has happen to us know is that we have maneuvered ourselves into mono economy which means 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.”

Giving a vote of thanks on behalf of the group, Chairman of Unilever, Kola Jamodu pledged the support of the group to Buhari’s administration as it strives to take the Nigerian economy out of the woods.

He said, “We are with you as you strive to reposion the Nigerian economy. We are very much in support of your move to diversify the economy.

“I have the mandate of the group that we will give you all the support because if the economy is in disarray, the private sector cannot survive”,

Among those who attended the dinner are Aliko Dangote, Tony Elumelu, Femi Otedola, Wale Tinubu, Jim Ovia and Umar Mutalab and Folorunsho Alakija, Kemi Nelson among others.