Buhari insists: Naira will NOT be devalued
Mon May 30, 2016 10:13:am National
2K By sosa hills
President Buhari has once again stressed that his administration will do everything possible to keep the national currency strong and will not approve further devaluation of the Naira
He made this known in a national broadcast to mark his first year in office and Democracy Day on Sunday, maintained that the devaluation of the Naira would hurt the economy.
In his word: "We resolved to keep the Naira steady, as in the past, devaluation had done dreadful harm to the Nigerian economy.
Furthermore, I supported the monetary authorities' decision to ensure alignment between monetary policy and fiscal policy.
We shall keep a close tab on how the recent measures affect the Naira and the economy but we cannot get away from the fact that a strong currency is predicated on a strong economy. And a strong economy pre-supposes an industrial productive base and a steady export market.
The measures we must take, may lead to hardships. The problems Nigerians have faced over the last year have been many and varied. But the real challenge for this government has been reconstructing the spine of the Nigerian state. The last 12 months have been spent collaborating with all arms of government to revive our institutions so that they are more efficient and fit for purpose..."
The President, addressed his critics and bad press who believes he is experimenting with governance through his administration's policies and programmes.
He unveiled cost-cutting measures to free resources for infrastructure and other critical projects. Among the cost-saving measures are a cut down of N23 billion annually from unnecessary travel expenses and sitting allowances of public officials.
He made this known in a national broadcast to mark his first year in office and Democracy Day on Sunday, maintained that the devaluation of the Naira would hurt the economy.
In his word: "We resolved to keep the Naira steady, as in the past, devaluation had done dreadful harm to the Nigerian economy.
Furthermore, I supported the monetary authorities' decision to ensure alignment between monetary policy and fiscal policy.
We shall keep a close tab on how the recent measures affect the Naira and the economy but we cannot get away from the fact that a strong currency is predicated on a strong economy. And a strong economy pre-supposes an industrial productive base and a steady export market.
The measures we must take, may lead to hardships. The problems Nigerians have faced over the last year have been many and varied. But the real challenge for this government has been reconstructing the spine of the Nigerian state. The last 12 months have been spent collaborating with all arms of government to revive our institutions so that they are more efficient and fit for purpose..."
The President, addressed his critics and bad press who believes he is experimenting with governance through his administration's policies and programmes.
He unveiled cost-cutting measures to free resources for infrastructure and other critical projects. Among the cost-saving measures are a cut down of N23 billion annually from unnecessary travel expenses and sitting allowances of public officials.
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