President Buhari: Looters Now Voluntarily Providing Information

President Muhammadu Buhari has said some of those who looted public funds are co-operating by voluntarily providing useful information while investigations and prosecutions are ongoing.

The president also reiterated his opposition to the devaluation of the naira, saying Nigeria cannot compete with developed nations with devaluation.

Mr President said: “Developed countries are competing among themselves and when they devalue they compete better and manufacture and export more. But we are not competing and exporting but importing everything including toothpicks. So, why should we devalue our currency?”

He said this at Sharm El-Sheikh, Egypt, on Saturday while contributing to a presidential round table panel on Investment and Growth Opportunities at the opening session of the "Africa 2016".

President Buhari told the forum that there was no basis for Nigeria to devalue her currency as the country was neither competing nor exporting, but importing virtually everything.

uhari also stated that those who had developed taste for foreign luxury goods should continue to pay for them rather than pressure his administration to devalue the naira.

President Muhammadu Buhari said the priority of his administration was to ensure national food security before export of food products.

“We want to be more productive and self-sufficient in food and other basic things such as clothing. For our government, we like to encourage local production and efficiency", he stated.

According to him, Nigeria, being a mono-economy dependent on oil, and with a teeming unemployed youth population, the way-out of the current slump in the global oil market is for his government to focus on agriculture and solid minerals development.

“The land is there and we need machinery inputs, fertiliser and insecticides... The message on corruption has been driven home vividly and Nigerians are very acceptable to the message,” he said.