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APC criticizes devaluation of Naira, says it’s the worse thing that can happen to Nigeria

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The All Progressives Congress, APC, has criticised
the devaluation of naira and described the
development as not healthy for Nigeria’s
economy.
NAN reports that the National Publicity Secretary
of APC, Alhaji Lai Mohammed, on Wednesday in
Abuja told newsmen that the devaluation of
currency had its implications on the people and
the economy.
According to NAN, Mohammed said, “When the
currency is devalued, it is the worst thing that
can happen to any nation.
“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.

Mohammed said that the party had always
warned government about the implication of its
economic policies.
NAN reports that he said that the party warned
government that the cost of producing oil in
Nigeria was the highest and raised the alarm on
organised theft of crude oil.
“We went further to advise the government to
diversify our economy.
“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.”

_TODAY

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