On 33 Years Of Truncating Democracy Buhari Says: I Opposed Devaluation In 1984 And Was Overthrown
President Muhammadu Buhari[/caption]
On the eve of his truncating democracy by overthrowing the government of President Shehu Shagari, President Muhammadu Buhari has attributed the fall of his regime in 1984 to his opposition to the devaluation of the Naira, and vowed to oppose same again.
Speaking in Abuja on Friday night at the 2016 regimental dinner organised by the Presidential Brigade of Guards, he said: “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.
Advertisement
“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.”
The annual event is organised to mark the end of drilling year of the commission.
Facts however contradict the president’s stance. The Naira now exchanges for over N308 to $1 officially, and N495/$1 in the black market.
Advertisement
The pump price of petrol has also increased from N86.50k per litre to N145 since then.
