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.
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