President Mohammadu Buhari has accused former Military President, General
Ibrahim Badabmasi Babangida of “killing” the Naira with the introduction
of the Structural Adjustment Program, SAP.
Babangida initiated the SAP program between 1986 and 1989 that involved a
drastic restructuring of the country’s economy. Under SAP, unemployment
rates soared, food prices increased significantly, and numerous user fees
for education and health services were imposed.
In 1986, Babangida regime declared a National Economic Emergency. The
options open to the country, Babangida said, were either to accept an
International Monetary Fund loan and the conditions attached or to embark
on more austere economic measures that would require great sacrifices.
However, at an interactive session with the BBC, Buhari recalled that the
introduction of the SAP was the origin of the problem facing the naira
today .
He said,” I went through devalue in 1984…it’s SAP that killed the naira. I
have asked governor of central bank and others to sit and see if they can
convince me to murder the naira. It’s disgraceful that Nigeria imports
toothpicks, rice and tomato purée.”
He lamented that most of young people in the country today could not get
jobs, adding that’s one of the biggest challenges administration was
facing.