APC Faults Devaluation Of Naira, Says Cost Of Living Will Go Up

Lai-Mohammed2304The All Progressives Congress, APC has faulted the devaluation of Naira and described the development as unhealthy for Nigeria’s economy.

The party, which made its position known through its National Publicity Secretary, Alhaji Lai Mohammed, on Wednesday in Abuja, argued that devaluation of the Naira had its implications on the people and the economy.

Mohammed, “When the currency is devalued, it is the worst thing that can happen to any nation.

“All it means for a country like ours, which is import dependent, is that more naira will be needed to buy raw materials and machines.

“It also means that very soon, cost of living will go up”.

The main opposition party said it had always warned government about the implication of its economic policies.

APC further stated that it had warned government in the past that the cost of producing oil in Nigeria was the highest and raised the alarm on organised theft of crude oil.

“We went further to advise the government to diversify our economy.

“We equally advised government to spend more of our resources in finding new reserves.

“We gave example that while Angola and Brazil have reinvested in new deposit to about 40 per cent, Nigeria had only invested about two per cent.

“These are all the issues that we raised”, the party said.