By ANDREW OJIEZEL
THE Association of Senior Civil Servants of Nigeria (ASCSN) has commended President Muhammadu Buhari for not yielding to pressures being mounted on him from some so-called financial experts to devalue the country’s currency; the naira.
ASCSN Secretary-General, Comrade Alade Bashir Lawal, who made this known in Lagos, last week stated that the Union totally agreed with the President that the country being an import dependent one cannot reap anything good from continued devaluation of its currency.
“We are not exporting anything and will therefore not earn any dividend by allowing our currency to hit the roof top for the fun of it. Devaluation will only succeed in sending more Nigerians into the poverty trap as they would be cut off from being able to afford the good things of life,” the Union emphasized.
The ASCSN posited that if the Naira was devalued, the workers would be the worst hit as their salaries would further be depleted through the loss of its purchasing value.
It added that Mr. President was on the right course by agreeing to look inward in solving the country’s economic problems through the enforcement of monetary regulations to stop financial leakages and also adopting global best practices in generating more revenue to mitigate the effect of dwindling oil prices on the Nigerian economy.
The Union accordingly advised all the pseudo-economists around including those who are agents of the Britton wood institutions to go and look for another work to do and leave the country alone.
“We do not share the belief that our economy is as bad as the current rate of exchange will want us to believe. The problem is with the greedy few who do not want to let go their selfishness for the overall growth and development of the country,” the Union regretted.