I Opposed Devaluation in 1984, Says Buhari


President Muhammadu Buhari has stated that he would oppose the devaluation of the naira and increase in fuel price.

He was speaking in Abuja last night at the 2016 regimental dinner organised by the presidential brigade of guards, according to Cable News.

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 suggested that his resistance to devaluation and fuel price increase during his time as military head of state in 1984-85 led to his overthrow.

According to the president, “I have resisted the devaluation of the naira, increase of the petroleum products, among others.

“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 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.”

Although Buhari has consistently said he would not devalue the naira, the national currency now exchanges for over N300 to $1 officially, and N495/$1 in the black market.

It was officially N197/$1 when Buhari assumed office in May 2015.

The 2017 budget is predicated on N305/$1, which is considered to be “more realistic.”

The pump price of petrol has also increased from N86.50k per litre to N145 since then.