– Governor Fayose accuses Buhari of employing failed economic policies in Nigeria
– Says President Buhari is deceiving himself
– Describes foreign trips as waste of funds
Governor Ayodele Fayose of Ekiti state has called on President Muhammadu Buhari to devalue the Nigerian naira on the grounds that the currency has already been devalued owing to the gap between the official rate of N199 and open market rate of over N400 to one dollar.
Governor Fayose has called for the devaluation of the nation’s currency, the naira.
Fayose also accused Buhari of applying his 1984 failed economic policy in which prices of goods were fixed not minding the cost of supply.
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The governor noted that such policy in time past resulted in essential commodities like milk and sugar being scarce, leading to Nigerians lining up in the sun to buy rationed commodities.
According to Premium Times, Fayose in a release issued in Ado-Ekiti on Sunday, February 21, decried that there was no time in the history of Nigeria that the gap between dollar official rate and open market rate was more than N200.
He said the federal government was causing business to be fold daily and prices of goods to skyrocket by calculating the country’s revenue on the basis of the Central Bank of Nigeria (CBN) official rate of N199 to a dollar while states and local councils that who share the revenue with the federal government run their businesses at the open market rate of over N400 to one dollar.
The governor faulted Buhari for wasting the nations resources on foreign trips saying:”President Buhari has travelled to 24 countries in eight months, and will be spending 16 out of the 29 days in February outside the country, with over $500,000 being spent on estacode while the Presidential Air Fleet, which includes fuelling of the planes and allowances for crew members is said to be in the range of $500,000.
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“The President’s entourage obviously collect their travel allowances in dollars on official rate of N199 and come back to Nigeria to change it at the open market rate of N400. That must be the reason they encourage the President to be junketing abroad when life is becoming unbearable for Nigerians.”
Fayose called on the president to stop deceiving himself by devaluing, noting that anything other than this will mean that we are “deceiving ourselves with forced foreign exchange rates”.
Meanwhile, Lai Mohammed, the minister of information and culture, insisted on Sunday, February 20, that the 2016 budget was not padded as being speculated in some quarters.
He said that the total figure voted for all ministries had not exceeded N6.08 trillion which was the official sum proposed by the government.
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