”Devaluing the naira led to my overthrow” – Buhari

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  • Nigeria’s leader makes shocking revelation at brigade guards’ dinner

Nigeria’s leader, Muhammadu Buhari recently opened up on what led to the overthrow of his government in 1984.

During the 2016 regimental dinner organized by the presidential brigade of guards in Abuja on Friday night that his refusal to devalue the naira and increase fuel price during his time as Military Head of State led to the coup that removed him from power.

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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 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.

Since President Buhari assumed office in May 2015, the Nigerian economy has experienced a lot of stress. Before may 2015, the exchange rate was N197/$1, at the moment it currently stands at over N300 to $1 officially and N495/$1 in the black market.

 

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