I’ll Resist Naira Devaluation, Fuel Price increase

President Muhammadu Buhari has reaffirmed his resolve to against the devaluation of the naira and increase in fuel price.

Buhari stated this 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.

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28 Comments

  1. The story is getting more interesting it seems Bala too will accept another child just like his friend clement what a twist of faith.ile ayee

  2. What other devaluation is he talking about, one dollar to one thousand naira? nothing can be worse than what your administration has done to ordinary Nigerians, what was the exchange rate when you took over and how much was a liter of petrol then? Please stop deceiving us Mr President you have failed Nigerians and I will never vote for you again

  3. Mr President, what devaluation are you talking about, the last you made this statement the naira moved from 200 naira to the dollar to 495 naira to the dollar. Now who is deceiving or fooling in this country?

  4. BUHARI’S ACHIEVEMENTS SO FAR ; 1. 565 billion naira loot recovered in cash 2. Properties worth more than 3 trilllion seized from looters 3. Many untouchables including former army chiefs now standing Trial in courts for corruption. 4. Boko haram defeated. 5. Firm introduction of TSA 6. Cal- Itu road repaired completely. 7. 200,000 jobs created with Npower initiative. 8. Dignity of the Nigerian military restored. 9. Foreign reserve on a steady rise 10. Agelong Budget padding stopped. 11. Accountability in customs and other agencies of govt. 12. Corruption fought with judges facing trial. 13. Leakages and avenues to loot govt funds blocked. 14. Nigeria’s image globally restored. 15. Increase in food production as can be seen with the surge in Rice production. 16. Efcc,Icpc now working at optimum capacity. 17. Nigeria’s internal production capacity on the path of recovery. 18. Ajeokuta steel mill issues resolved, production to begin next year with employment capacity for 100,000. 19. Successful removal of fuel subsidy that was an empire for corrupt importers fleecing the country of trillions of naira. 20. Ensuring few individuals and the likes of Tompolo no longer hold the country at ransom. The problem now is the Economy, inflation, and how it can fully bounce back, but if the above can be achieved within 18 months, I’m sure the problem of our economy will be defeated. Prices of goods will come down and Naira will pick up. Once Dangote Refinery comes on stream in 2018, freeing us from using almost all dollars earned from crude sales to import petroleum product, dollars will automatically fall and prices of goods will come down. That’s when Nigerians will actually see that God has started Nigeria’s restoration to the path of glory.May ALMIGHTY guide Baba Buhari on the right way.

  5. The one dat was increase from 87 to 145 was made by who then? Ur refusal to devalue d naira is helping who, rubbish. Pretender stealing d country in secret n coming out to deceive d foolish nigerians who believe in ur lies.

  6. Buhari we are tired of your promise,we are suffering in this country,pls find solution to our problem help us to open border so that things will be alright do somethings very urgently to Nigeria problem,

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