VP Osinbanjo says devaluation of Naira is not an option

 

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Oct 30th 2015, 04:28

Vice president, Yemi Osinbajo yesterday said that further devaluation of Naira was not an option to solve the current economic down turn in the country.

He talked about the Federal government's plan to set up a $25billion  Infrastructural Fund which would be sourced from local and international sources including Nigeria's Sovereign Wealth Fund.

the Ambassadors of Italy Mr. Fulvio Rustico and the Canadian High Commissioner in Nigeria Mr. Perry John Calderwood in his office at the presidential villa, Abuja.

 

He said:

"I don't agree on devaluation and it is not that I am doctrinaire about it. In the first place, it is not a solution-we are not exporting significantly. And the way things are, devaluation will not help the local economy.

"What we need to do is to start spending more on the economy and then things will ease up a bit."

The Vice President disclosed that already other sovereign wealth funds have indicated interest in the fund which would be used to address the nation's decaying road, rail and power infrastructures.

He added:

"This is our approach to speeding up the country's infrastructural development."

 

Osinbajo also said that the current foreign exchange restriction is only a temporary measure to ensure that "we don't deplete our foreign exchange substantially," at a time when the prices of oil in the international market is dropping.

 

He added that the restriction was for the benefit of the country's economic stability.

 

He said:

"I am not sure devaluation is the issue, but how to ensure foreign direct investment which is more useful", he said.

The Vice President also reassured investors who already have contracts and loan commitments that the federal government would work with the Central Bank of Nigeria to protect legitimate businesses from being affected by the current foreign exchange restrictions.

 

 

Vanguard

KEEP SCROLLING TO THE END ...WE STILL GOT LOTS MORE .......

Revenge is a Poison meant for others, which we end up swallowing ourselves. Vengence is a Dark Light that blinds all who seek it. Don’t argue with Idiots.. They will bring you down to their level and beat you with experience.

Source : http://www.coolnsmart.com/wise_quotes/

                                                     

YOU CAN SKIP THIS PART(short joke)...

A young couple moved into a new neighbourhood. The next morning while eating breakfast, the young woman saw her neighbour through the window hanging the wash outside.

"That laundry is not clean," she said. "She doesn't know how to wash correctly. Perhaps she needs better laundry soap".

Her husband looked on, but remained silent. Every time the neighbour would hang laundry to dry, the young woman would make the same
comments.

About one month later, the woman was surprised to see nice clean wash on the line and said to her husband: "Look, she has learnt how to wash correctly. I wonder who taught her this!"

The husband replied: "I got up early this morning and cleaned our windows."

And so it is with life.

What we see when watching others depends on the purity of the window through which we look.

Easy to discuss other people, their lives and things that don't really concern us.

Yet we tend to forget- our window isn't that clean after all.

Clean up your window with the WORD! (THE TRUTH.)

LORD, please give us the strength, humility and courage that we may work on our faults first rather than seeing the faults in Others and castigating them.

Have a beautiful Week !

 

 

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