The Governor of the Central Bank of Nigeria, Godwin Emefiele, on
Wednesday disclosed that the current administration under President
Muhammud Buhari has been able to increase Nigeria’s foreign reserve from
$29 billion to $31.89 billion one month.
Former President Goodluck Jonathan left $29 billion in Nigeria’s foreign reserve.
Emefiele,
who paid a courtesy visit to the President of the Senate, Dr. Bukola
Saraki, frowned at the way and manner officials of the past
administration granted import waivers to their cronies and friends on
various products such as rice and sugar.
He pleaded with the 8th
Senate to go the extra mile to ensure that all revenue losses as a
result of arbitrary waivers and concessions are fully recovered.
In
his words: “Following the drop in crude prices as high as 45 per cent
and the fact that we had to
depreciate our currency from N155 to N197,
we also had to take certain decisions to ensure that we keep our reserve
still looking good.
“I commend the President, Muhammadu Buhari, for his dogged approach that all leakages will be blocked.
“With
those singular efforts and strong determination, we have seen our
foreign reserves moving from $29 billion when His Excellency took office
on the 29th of May to $31.89 billion.”
In his comment on the what
transpired at the closed door session, Emefile told newsmen: “We briefed
the Senate extensively on all the actions we have taken and other
things that we are going to do to continue to strengthen the Nigerian
economy, make it possible for our people to create jobs for our people.
“And
we are saying if we cannot employ people, what action are we going to
take to ensure those who have entrepreneurial skills create jobs for
themselves and for other people?
“I am delighted to mention to you
that the Senate, after almost about three hours deliberation, has
graciously endorsed our actions today for everything that we have done.
“But I want to assure Nigerians that whatever action we have taken is done in the interest of our country.
“And I say that our reserve is our commonwealth and we have a right to protect our foreign reserve.
“We
are going to continue to avoid situation where speculators and round
trippers come into the country and think of how they can take advantage
of what is happening as a result in the drop in food prices to plunder
our reserves"
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