Devaluation of Naira not an option, says Osinbajo


announces government’s plans to set-up a $25b Infrastructural Fund
 
ABUJA – Vice president, Yemi Osinbajo yesterday said that further devaluation of Naira was not a solution to the current economic down turn in the country.
He however announces federal government plan to set up $25 b Infrastructural Fund which would be sourced from local and international sources including Nigeria’s Sovereign Wealth Fund.
Osinbajo spoke when he received the Ambassadors of Italy Mr. Fulvio Rustico and the Canadian High Commissioner in Nigeria Mr. Perry John Calderwood in his office at the presidential villa, Abuja.
He also recalled that his principal, president Muhammadu Buhari had at different fora said that a further devaluation of the Nigerian currency was not healthy for the Nigerian economy.
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.”


Check the Vanguard newspaper for the full story.


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