Devaluation not a solution--Osibanjo



Vice President Yemi Osinbajo says naira devaluation is not an appropriate option under the current economic realities in the country.
According to Osinbajo, President Muhammadu Buhari’s government is opposed to devaluation because it offers no solutions to the nation’s economy.
The vice president spoke at the Aso Rock Presidential Villa in Abuja yesterday while receiving Italian and Canadian ambassadors, Fulvio Rustico and Perry John Calderwood respectively.
He said: “I don’t agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution--we are not exporting significantly. And the way things are, devaluation will not help the local economy. What we need to do is to start spending more on the economy and then things will ease up a bit.”
The vice president noted that the issues around the economy are no exact sciences, saying that the important thing is to be reasonably flexible in dealing with them.
He said the current foreign exchange restriction was a temporary measure to ensure that “we don’t deplete our foreign exchange substantially at a time when the price of oil in the international market is dropping.”
source:http://dailytrust.com.ng/news/general/why-fg-is-opposed-to-devaluation-osinbajo/117143.html

Comments

Post a Comment

Popular posts from this blog

Three die as Biafran group, NAVY clash

Image
No fewer than three persons were feared dead in Onitsha, Anambra State, on Sunday evening when a group, Independent People of Biafra, clashed with security operatives. It was gathered that 20 persons were injured in the clash. A member of the group, Chinwendu Ikechukwu, told newsmen that the group had after its meeting held at Nkpor, Idemili-North Local Government Area of the state, decided to go and preach to the people on the need to embrace the struggle for Biafran state when the trouble ensued. He said, “On reaching Okpoko junction, we were accosted by a detachment of policemen who fired teargas canisters at our members numbering about 5,000. “They later allowed us to go since we were non-violent but on reaching Uga Junction before the Niger Bridge, the naval men on duty there opened fire on us. “In our defenceless state, three of our members were shot dead while about twenty others sustained injuries. “Even the police who initially allowed us to go later joined in shoot...
Read more

Oseloka Obaze destabilizes other opponents as they boycott today’s primaries:

Image
There may be fresh trouble for the People’s Democratic Party (PDP) in Anambra state as candidates have indicated interest to boycott the primary election of the party or step down over candidate imposition. The Anambra PDP primary election was earlier scheduled to hold on today, August 28 with growing concerns over the conduct of the delegates’ conference and an alleged imposition of candidate by the PDP governors’ forum. A source who spoke to our correspondent said that he and many other aspirants in the election already plan to boycott the election over the imposition of a candidate Oseloka Obaze blessed by former governor Peter Obi. The source alleged that Wike left the conference with the original result sheets and only left behind a photocopy. “The process was defective, the process was wrong because, the chief returning Officer Wike left the delegates conference at 2PM with the originals of the result sheets and left only photocopies behind. “With the photocopi...
Read more