Friday, 27 May 2016



President Muhammdu Buhari has revealed his greatest shock since assuming power on May 29, 2015.

He said he could not believe when he was informed that Nigeria had over the years squandered all its precious foreign exchange on the importation of food items and other frivolous items, including tooth picks.
Speaking in Abuja yesterday to editors and newspaper executives in an interview to mark the administration’s first year in office, Buhari said last year, when oil prices fell to $40 per barrel, he summoned Governor of the Central Bank of Nigeria [CBN] Godw
He said, “Up to 2013, we were earning on average over $100 per barrel from oil but by fabulous coincidence, it went down to about $30 per barrel when we came in. There was no money to import food. For me, it was the biggest shock.
“Nigeria became an oil economy and we left agriculture and solid minerals and everyone went to the city to look for oil money.”
On his opposition with regards to naira devaluation, he said when he was military Head of State in 1984-85, World Bank and International Monetary Fund [IMF] experts advised him to devalue the naira and remove subsidy on petrol and flour. He said even though they pressed him hard, he did neither of the two.
He said this was because countries that benefitted from currency devaluation were developed countries that produced more products after devaluation and were able to export more because their goods became more competitive. BY DAILY POST

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