State Of The Economy: SEE The Latest Thing Buhari Said About It

PRESIDENT MUHAMMADU BUHARI

President Muhammadu Buhari, while speaking on the state of the economy during an interactive session with the Nigerian community in the United Kingdom on the sidelines of the Supporting Syria Conference in London on Friday, pointed out some interesting facts about the Treasury Single Account (TSA), the bad state of the naira, bureau de change (BDC) among other things. INFORMATION NIGERIA has put together President Buhari’s thoughts on these very important issues in this piece…

On Naira fall: The president said the Structural Adjustment Programme (SAP) which was initiated by former military president Ibrahim Badamosi Babangida, between 1986 and 1988 killed the naira. President Muhammadu Buhari has said the Structural Adjustment Programme (SAP) which was initiated by former military president Ibrahim Badamosi Babangida, between 1986 and 1988 killed the naira.

On bureau de change (BDC): President Buhari said that his administration decided to stop the sale of foreign exchange to bureau de change (BDC) operators because of fraudulent acts perpetrated by some directors of the Central Bank of Nigeria (CBN). He said:

“We found out that some directors of CBN owned bureau de change and when foreign exchange comes, they take it to their bureau de change and give government the change.

“We had to stop the federal government giving bureau the change. I am explaining this to give a tip of the ice berg of the problem we inherited. We are getting so hard because we have no other [option] than to make everybody accountable.”

On TSA: Buhari revealed that his administration has so far saved 2.2 trillion naira using the Treasury Single Account (TSA).President Buhari faulted the past administration for operating several accounts with which they siphoned money belonging to Nigerians vowing not to relent in the fight against corruption.He said that he would make every Nigerian accountable and that money recovered so far can fund the country’s deficit and infrastructure development.

What do you think???

2 Comments

  • I think the president has shown his poor understanding of TSA.

    1) these funds were in commercial banks, they weren’t missing.
    2) the 2.2 trillion is not a recovered money. These funds are the revenues generated and expense has not yet been made. It is not profit. The remitted funds will still be debited for expenses incurred by the organization’s that made it.

    3) maybe SAP destroyed the naira. But history shows that the dollar recorded significant inflation during his tenure.

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