President Muhammadu Buhari has explained the economic measures his administration was putting in place in order prevent the further devaluation of the naira as well as improve the economy.
The president stressed that the federal government would keep a close look on how the recent measures affect the economy, adding that a strong currency was based on a strong 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 emphasised.
He said the government was working very hard to introduce some vital structural reforms in the way government business was conducted in order to build enduring change.
He disclosed that the government had identified 43,000 ghost workers through the Integrated Payroll and Personnel Information system, saying “That represents pay packets totalling N4.2 billion stolen every month.”
Buhari admitted that his government had made the very painful but inevitable decisions in the last few weeks “specifically on the pump price of fuel and the more flexible exchange rate policy announced by the Central Bank.
The president explained how the government arrived at the decision to hike fuel price from N86.50 to N145 per litre, saying: “This step was taken only after protracted consideration of its pros and cons. After comprehensive investigation, my advisers and I concluded that the mechanism was unsustainable.”
President Muhammadu Buhari however, did not disclose details of looted asset, recovered from corrupt persons, due to “legal reasons”