Buhari Afraid of Naira Devaluation Because That was Why He was Overthrown in 1984

Posted by Thandiubani on Sat 31st Dec, 2016 - tori.ng

The President has resolved to reject any move to increase the fuel price and devalue the naira as he said the last time he did it cost him his government.

President Muhammadu Buhari

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.