29 May 2016
On Sunday, 29 May in Abuja, the President reassured Nigerians of his administration’s desire to keep the Naira at a steady rate.
President Muhammadu Buhari explained that past and present devaluation of the currency has severely harmed the economy. Buhari said this as part of his nationwide broadcast to mark his one year in office.
He stated that his government will not relent from focusing on measures to stablise the economy. He explained that a part of this is declaring his support towards the 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.”
He added that, “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,’’
According to the President, the problems Nigerians faced through last year were numerous and mostly varied. e however noted that the real challenge his administration has been facing is the reconstruction of the backbone of the Nigerian state.
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.
The president stated that his administration has spent the last 12 months building ties and collaborating with all arms of government, with a sole aim of reviving the nation’s institution for a more efficient run, and better delivery of promises.
According to the president, the important step needed to be taken first, is efficient housekeeping and reduction of extravagant spending as seen in the past administration.
“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.”
Furthermore, he stated that “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.’’