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Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. - Politics - Nairaland

Nairaland Forum / Nairaland / General / Politics / Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. (608 Views)

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Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by shortgun(m): 11:26pm On Feb 21

https://www.youtube.com/watch?v=vTTRXFCXNBI?si=WD0PKS5V40RPU269
Excerpts:
Journalist:IMF is calling on you to devalue the naira to allow market forces to prevail, are you prepared to reconsider?
Buhari:No, I've explained that.Countries that play around with their currency are countries that have enormous production capability,they have factories in place,they have infrastructure in terms of power, communications, and security are virtually perfect. Nigeria Virtually imports everything from rice to toothpicks. Now if we don'thave the money to import those things what is the value of further devalueing our naira?
Journalist: You are going against the advice of the IMF, the IMF suggests that....
Buhari:Why not? If it'sagainst our national interest why can't we go against the IMF advice

1 Like

Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by meum: 11:32pm On Feb 21
Hmmm
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by Agbegbaorogboye: 11:50pm On Feb 21
Chai!!
Certificateless Buhari com sabi book pass the Chicago first class graduate and Mobil executive who is credited with building the fifth biggest economy in Africa.

This life truly no balance

7 Likes

Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by JAMO84: 11:53pm On Feb 21
Buhari had a good reason for not devaluing the naira at the time, we can't continue borrowing to defend the naira anymore. Different strokes for different folks.
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by gaby(m): 12:48am On Feb 22
Hahahahha

WAEC sabificate v Chicago sabificate.
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by hedeybody: 3:25am On Feb 22
L
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by shortgun(m): 7:26am On Feb 22
Agbegbaorogboye:
Chai!!
Certificateless Buhari com sabi book pass the Chicago first class graduate and Mobil executive who is credited with building the fifth biggest economy in Africa.

This life truly no balance
cheesy cheesy
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by shortgun(m): 7:29am On Feb 22
JAMO84:
Buhari had a good reason for not devaluing the naira at the time, we can't continue borrowing to defend the naira anymore. Different strokes for different folks.
What are you saying? Tinubu has borrowed more money in than any other Government in the last 8 months.
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by Pythagoras001: 8:53am On Feb 22
not floating the naira then by buhari is a major contributing factor to the mess we are in. he kept the rate artificially low partly and indirectly with borrowed money. the borrowed money was not used for any real economic activity that would increase the gdp and tax to gdp and now we are using large part of our income to pay debt that really did not improve our economy. he went on a money printing spree which has also worsen inflation plus failure to address the herdsmen which as led to subsistence farmers becoming internally displaced persons and affected food production . His agricultural policy through emefiele was all a giant scam. where are the food? The problem is the sharp devaluation of the naira. if it was already floated by buhari the devaluation rate would not be as high because they could have use borrowed fund to ensure the devaluation was gradual and people would adjust to it better than a sharp increase. i.e. the rate would still have been 2000 today but it would have gone to 2000 from 400 gradually
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by shortgun(m): 10:14am On Feb 22
Pythagoras001:
not floating the naira then by buhari is a major contributing factor to the mess we are in. he kept the rate artificially low partly and indirectly with borrowed money. the borrowed money was not used for any real economic activity that would increase the gdp and tax to gdp and now we are using large part of our income to pay debt that really did not improve our economy. he went on a money printing spree which has also worsen inflation plus failure to address the herdsmen which as led to subsistence farmers becoming internally displaced persons and affected food production . His agricultural policy through emefiele was all a giant scam. where are the food? The problem is the sharp devaluation of the naira. if it was already floated by buhari the devaluation rate would not be as high because they could have use borrowed fund to ensure the devaluation was gradual and people would adjust to it better than a sharp increase. i.e. the rate would still have been 2000 today but it would have gone to 2000 from 400 gradually
Tinubu devalueing the naira lacks economic sense if we are to be objective.
The only thing it will achieve is to make Nigerians poorer. What is the volume of non oil export that we should be so much concerned about earning foreign currency from exporting cheap goods. Where are the export commodities?

1 Like

Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by Hedonisco: 10:39am On Feb 22
JAMO84:
Buhari had a good reason for not devaluing the naira at the time, we can't continue borrowing to defend the naira anymore. Different strokes for different folks.

Some of you are tone deaf. The logic of what he said, has it changed? Now that your BAT has devalued the Naira, what is the consequence?
Re: Video Of Buhari Explaining Why Floating Of The Naira Is Bad For Nigeria. by JAMO84: 11:00am On Feb 22
Hedonisco:


Some of you are tone deaf. The logic of what he said, has it changed? Now that your BAT has devalued the Naira, what is the consequence?
Ok, tell us the solution, not just ranting.

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