President Muhammadu Buhari has stated that he was overthrown in 1985 for his tough stance on Naira devaluation and increament of petroleum products.
He made this known in Abuja on Friday night, during the 2016 regimental dinner organized by the presidential brigade of guards.
The president used the opportunity to reinstate the resolve of his administration not to devalue the naira or increase the price of fuel.
Buhari also stated that his refusal to devalue the naira and increase fuel price during his time as Military Head of State in 1984-1985, led to his overthrow.
“I have resisted the devaluation of the naira, increase of the petroleum products, among others,” he told the soldiers and officers.
“When I was military head of state, I rejected similar advice by the IMF and World Bank to devalue the naira.
“I refused and gave my reasons and the next thing I knew I was removed and detained for three and half years.
“As a civilian president, I will do my best and I’m telling you all these because you are part of the leadership of this great country and God willing we will remain great.”
Recall that as at May 2015, when President Buhari assumed office, the Naira stood at N197/$1. However, 18 months down the lane, the Naira now exchanges for N305?$1 going by the 2017 budget.