President Muhammadu Buhari yesterday ruled out immediate devaluation of the nation’s currency, even as he said urgent action is required to fix critical infrastructure in order to boost economic activities.
The President, who gave the hint in his maiden Presidential Media chat, recalled that based on past experiences, including when he was in charge of Petroleum Resources, devaluation had never in real terms impacted positively on the economy.
President Buhari said despite the crisis in the global oil market, his administration was committed to fixing the decaying infrastructure in key sectors of power, roads and rail as a strategic step towards boosting economic activities and creating jobs.
He explained that the implications of these initiatives for economic growth remained that when domestic productivity is enhanced and manufacturing industry can produce for global exports, the current pressure on the national currency would be mitigated and ensures its gradual stability.
Justifying the current monetary policy further, the President explained that in furtherance of his government’s resolve to ensure prudence in public finance and naira exchange stability, the Treasury Single Account, TSA, policy was introduced, adding that experiences on its implementation show that a lot of savings could be made to partly finance critical capital projects.
He said: “Devaluation, if you look at our current economic development level and the challenges of the oil industry downturn, will only put us at the receiving end and further aggravate our position as a country.”
He restated the commitment of the administration to focus more on real sector development in terms of meeting its foreign exchange needs as this is crucial to boosting exports, improving foreign reserves, creating jobs and improving the quality of infrastructure.
On the claims by some investors and those owning domiciliary accounts that they were finding it difficult to repatriate or withdraw from such accounts as a result of CBN’s foreign policy, the President said he was aware of such hardship but that he would need to engage the CBN to understand the real position.
President Buhari however expressed confidence in the monetary policy stance of the apex banking institution, especially given its intention to curb fraudulent forex transactions at the official window and forestall depletion of the nation’s foreign reserves further.
For instance, he strongly supported the banning of importers of some items from sourcing forex for their importation from the official window, noting that those who wanted to import tooth picks and other non-value adding products should look elsewhere to source their foreign currencies.
Buhari also said there was no information available to his government about the whereabouts of the schoolgirls of Government Secondary School, Chibok, Borno State that were abducted by Boko Haram since April 14, 2014.
According to him, his administration has no intelligence regarding whether the Chibok girls were still alive.
Buhari reiterated the readiness of the Federal Government to negotiate with Boko Haram on the release of the school girls, if any credible leader of the group comes out for negotiation.
“We are still keeping our option, if there is credible leadership of Boko Haram that come out and say the Chibok girls are alive, we are ready to negotiate with them to ensure that they are released.
“Some leadership of the Boko Haram wanted to make contact but we insisted on knowing the bona fide Boko Haram. We want to be sure they are complete, save and sound,” he said.
While speaking on the fight against corruption, the president said his government was doing everything possible to ensure that those who looted the treasury are brought to justice.
He said: “We have some documents where Nigerian crude oil was lifted illegally and the proceeds were put into personal accounts instead of the Federal Government account and of course we have started going to court.
“We got evidence and we are taking the people to court and whatever is in the court, we will not comment until we see what they do with the documents we presented and how the Attorney General and Minister of Justice handles such cases.
“There are terrible cases of corruption and we can only appeal to Nigerians to be patient.”
According to him, the government has been able to recover some looted fund, adding however that whatever has been recovered, the matter would still have to go to the court.
“Whatever we recovered we have to end up in court because Nigerians are entitled to know the truth and the truth will be what the court has discovered by submissions made to them in terms of documentation, including the bank statements where it was lodged, how it was lodged whether it is petrol money from NNPC or money from customs, or money directly from central bank. When we do that, Nigeria will be better,” Buhari said.
According to him, the Economic and Financial Crimes Commission, EFCC, and the Independent Corrupt Practices and other related offences Commission, ICPC, are working under the supervision of Attorney General to ensure that those who have looted the treasury are brought to book.
He assured that by the end of the first quarter of 2016, his government would be able to inform Nigerians on the progress that has been made on the war against corruption.
The president maintained that the nation would lose if former National Security Adviser, NSA, Sambo Dasuki presently standing trial is released and allowed to escape from the country.
On the accusation that the fight against corruption was lopsided, Buhari said he never appointed anyone that is corrupt into his government.
“I have been a democrat since 2002. I don’t think I tolerate corruption. I don’t think I have picked anybody that I know will embarrass my government.
“But if you have got evidence on any of my ministers, it is your right as a Nigerian citizen to tell us that you don’t want a,b or c in the cabinet because they have got a case in court. I don’t think I picked anybody as a minister who has a case of corruption in court,” the president added.
Buhari said he would not waste time in sacking any of his cabinet members found to be corrupt.
Speaking on the activities of Indigenous People of Biafra, IPOB, Buhari said the leader of the group, Nnamdi Kanu, has both Nigerian and British passports, saying that he never used any of the passports to enter into the country.
He further explained that Kanu illegally brought equipment into the country with which he was operating Biafra radio.
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