Vunderkind
Social Member
The All Progressives Congress (APC) has criticized the devaluation of the naira and says it is not healthy for Nigeria's development.
Alhaji lai Mohammed, National APC Publicity Secretary, said so on Wednesday in Abuja.
“When the currency is devalued, it is the worst thing that can happen to any nation," he said. “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."
He also added that his party had always warned the government about the implications of the economic policies it implemented.
He said APC had warned the government that the cost of producing oil in Nigeria was too high and also the rate of organized theft of crude oil was alarming.
“We went further to advise the government to diversify our economy," said Lai, "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.”
Alhaji lai Mohammed, National APC Publicity Secretary, said so on Wednesday in Abuja.
“When the currency is devalued, it is the worst thing that can happen to any nation," he said. “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."
He also added that his party had always warned the government about the implications of the economic policies it implemented.
He said APC had warned the government that the cost of producing oil in Nigeria was too high and also the rate of organized theft of crude oil was alarming.
“We went further to advise the government to diversify our economy," said Lai, "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.”