In response to demands from abroad to depreciate the Nigerian naira, Chief Audu Ogbeh, the former minister of agriculture and rural development, discussed his experiences during the Shagari regime in the 1980s, according to a piece published in the Sun. He recalled how Chief Awolowo and economic advisors cautioned against devaluation, citing possible repercussions and characterizing it as a trap.CONTINUE FULL READING>>>>>
He also mentioned that Buhari, who succeeded Shagari after a coup in 1983, initially resisted devaluation despite pressure from a US General who was his former classmate.
He said, “I am also saying this, in 1982, I was minister of communications. The pressure on us then was to devalue the naira. Shagari’s two economic advisers, Prof Edozien, he is late now and Prof Odama, from Kogi, he is still alive, they warned Shagari that if he did it, they would resign and leave. Chief Awolowo warned us also that this was a trap and once we stepped into it, we will never get out. Well, the coup of 1983 came and we fell. Buhari also resisted them. Ronald Reagan sent Buhari’s classmate, one General Waters from the War College in Philadelphia.
They had met, Buhari and him, to persuade Buhari to devalue the naira. Buhari refused. Somehow, they got hold of this country under the IBB regime and then, we had Chu Okongwu, Idika Kalu who were the proponents and Olu Falae (former Secretary to the Government of the Federation). They were the ones who gave the go ahead and we started devaluing the currency.”CONTINUE FULL READING>>>>>
