We resolved to keep the naira steady to safeguard the economy – Buhari
President Muhammadu Buhari on Sunday in Abuja reassured Nigerians that his administration had resolved to keep the Naira steady because past devaluation of the currency had done more harm than good to the economy.
The president gave the reassurance in a nationwide broadcast to mark his administration’s one year in office.He stated that government would continue to keep a close look on measures introduced to stabilise the economy, saying that he supported monetary authority’s decision to ensure alignment between monetary policy and fiscal policy.
We resolved to keep the Naira steady, as in the past, devaluation had done dreadful harm to the Nigerian economy.Furthermore, I supported the monetary authority’s decision to ensure alignment between monetary policy and fiscal policy.
We shall keep a close look on how the recent measures affect the Naira and the economy.But we cannot get away from the fact that a strong currency is predicated on a strong economy.
And a strong economy pre-supposes an industrial productive base and a steady export market. The measures we must take, may lead to hardships,’’ he added.
According to the president, the problems Nigerians have faced over the last year have been many and varied.He, however, noted that the real challenge for his administration had been reconstructing the spine of the Nigerian state.
The president maintained that the past 12 months of his administration had been spent collaborating with all arms of government to revive nation’s institutions so that they were more efficient and fit for effective service delivery.
Buhari stated that his administration was working very hard to introduce some vital structural reforms in the conduct of government business and lay a solid foundation on which to build an enduring change.
According to him, an important first step has been to get the housekeeping right and hence to reduce the extravagant spending of the past.We started boldly with the Treasury Single Account (TSA), stopping the leakages in public expenditure.
We then identified 43,000 ghost workers through the Integrated Payroll and Personnel Information System (IPPIS).That represents pay packets totalling N4.2 billion stolen every month. In addition, we will save N23 billion per annum from official travelling and sitting allowances alone.
Furthermore, the efficiency unit will cut costs and eliminate duplications in ministries and departments. Every little saving helps.The reduction in the number of ministries and work on restructuring and rationalisation of the MDAs is well underway.
When this work is complete we will have a leaner, more efficient public service that is fit for the purpose of changing Nigeria for the good and for good,’’ the president said.
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