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Why Buhari Was Removed By IBB - Politics - Nairaland

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Why Buhari Was Removed By IBB by Nobody: 10:36pm On Oct 05, 2014
Text of General Ibrahim Babangida's Coup Speech
againstbabangida.com .August 27 , 1985

Fellow Nigerians,
When in December 1983, the former military leadership, headed by Major-General Muhammadu Buhari, assumed the reins of government, its accession was heralded in the history of this country. With the nation at the mercy of political misdirection and on the brink of economic collapse, a new sense of hope was created in the minds of every Nigerian.




Since January 1984, however, we have witnessed a systematic denigration of that hope. It was stated then that mismanagement of political leadership and a general deterioration in the standard of living, which had subjected the common man to intolerable suffering, were the reasons for the intervention.


Nigerians have since then been under a regime that continued with those trends. Events today indicate that most of the reasons which justified the military takeover of government from the civilians still persist.


The initial objectives were betrayed and fundamental changes do not appear on the horizon. Because the present state of uncertainty, suppression and stagnation resulted from the perpetration of a small group, the Nigerian Armed Forces could not as a part of that government be unfairly committed to take responsibility for failure. Our dedication to the cause of ensuring that our nation remains a united entity worthy of respect and capable of functioning as a viable and credible part of the international community dictated the need to arrest the situation.


Let me at this point attempt to make you understand the premise upon which it became necessary to change the leadership. The principles of discussions, consultation and co-operation which should have guided decision-making process of the Supreme Military Council and the Federal Executive Council were disregarded soon after the government settled down in 1984. Where some of us thought it appropriate to give a little more time, anticipating a conducive atmosphere that would develop, in which affairs of state could be attended to with greater sense of responsibility, it became increasingly clear that such expectations could not be fulfilled.


Regrettably, it turned out that Major-General Muhammadu Buhari was too rigid and uncompromising in his attitudes to issues of national significance. Efforts to make him understand that a diverse polity like Nigeria required recognition and appreciation of differences in both cultural and individual perceptions, only served to aggravate these attitudes.


Major-General Tunde Idiagbon was similarly inclined in that respect. As Chief of Staff, Supreme Headquarters, he failed to exhibit the appropriate disposition demanded by his position. He arrogated to himself absolute knowledge of problems and solutions, and acted in accordance with what was convenient to him, using the machinery of government as his tool.


A combination of these characteristics in the two most important persons holding the nation's vital offices became impossible to content with. The situation was made worse by a number of other government functionaries and organisations, chief among which is the Nigerian Security Organisation (NSO). In fact, this body will be overhauled and re-organized.


And so it came to be that the same government which received the tumultuous welcome now became alienated from the people. To prevent a complete erosion of our given mandate therefore, we had to act so that hope may be rebuilt.


Let me now address your attention to the major issues that confront us, so that we may, as one people, chart a future direction for our dear country. We do not pretend to have all the answers to the questions which our present problems have put before our nation. We have come with the strongest determination to create an atmosphere in which positive efforts shall be given the necessary support for lasting solutions.


For matters of the moment which require immediate resolutions, we intend to pursue a determined programme of action. Major issues falling into this category have been identified and decisions taken on what should be done.


Firstly, the issue of political detainees or convicts of special military tribunals. The history of our nation had never recorded the degree of indiscipline and corruption as in the period between October 1979 and December 1983.


While this government recognises the bitterness created by the irresponsible excesses of the politicians, we consider it unfortunate that methods of such nature as to cause more bitterness were applied to deal with past misdeeds. We must never allow ourselves to lose our sense of natural justice. The innocent cannot suffer the crimes of the guilty. The guilty should be punished only as a lesson for the future. In line with this government's intention to uphold fundamental human rights, the issue of detainees will be looked into with despatch.


As we do not intend to lead a country where individuals are under the fear of expressing themselves, the Public Officers Protection Against False Accusation Decree 4 of 1984 is hereby repealed. And finally, those who have been in detention under this decree are hereby unconditionally released. The responsibility of the media to disseminate information shall be exercised without undue hindrance. In that process, those responsible are expected to be forthright and to have the nation's interest as their primary consideration.


The issue of decrees has generated a lot of controversies. It is the intention of this government to review all other decrees.


The last twenty months have not witnessed any significant changes in the national economy. Contrary to expectations, we have so far been subjected to a steady deterioration in the general standard of living; and intolerable suffering by the ordinary Nigerians have risen higher, scarcity of commodities has increased, hospitals still remain mere consulting clinics, while educational institutions are on the brink of decay. Unemployment has stretched to critical dimensions.


Due to the stalemate, which arose in negotiation with the International Monetary Fund, the former government embarked on a series of counter-trade agreements. Under the counter-trade agreements, Nigerians were forced to buy goods and commodities at higher prices than obtained in the international market. The government intends to review the whole issue of counter-trade.


A lot has been said and heard about our position with the International Monetary Fund. Although we formally applied to the fund in April 1983, no progress has as yet been made in the negotiation and a stalemate has existed for the last two years.


We shall break the deadlock that frustrated the negotiations with a view to evaluating more objectively both the negative and positive implications of reaching a mutual agreement with the Fund. At all times in the course of discussions, our representatives will be guided by the feelings and aspirations of the Nigerian people.


It is the view of this government that austerity without structural adjustment is not the solution to our economic predicament. The present situation whereby 44 per cent of our revenue earning is utilised to service debts is not realistic. To protect the danger this poses to the poor and the needy in our society, steps will be taken to ensure comprehensive strategy of economic reforms.


The crux of our economic problems has been identified to centre around four fundamental issues:


1. A decrease of our domestic production, while our population continues to increase.


2. Dependence on import for both consumer goods and raw materials for our industries.


3. A grossly unequal gap between the rich and the poor.


4. The large role played by the public sector in economic activity with hardly any concrete results to justify such a role.


These are the problems we must confront.


ON FOREIGN POLICY:


Nigeria's foreign policy in the last 20 months has been characterised by inconsistency and incoherence. It has lacked the clarity to make us know where we stood on matters of international concern to enable other countries relate to us with seriousness. Our role as Africa's spokesman has diminished because we have been unable to maintain the respect of African countries.


The ousted military government conducted our external relations by a policy of retaliatory reactions. Nigeria became a country that has reacted to given situations, rather than taking the initiative as it should and always been done. More so, vengeful considerations must not be the basis of our diplomacy. African problems and their solutions should constitute the premise of our foreign policy.


The realisation of the Organisation of African Unity of the Lagos Plan of Action for self-sufficiency and constructive co-operation in Africa shall be our primary pursuit.


The Economic Community of West African States must be reborn with the view to achieving the objective of regional integration. The problems of drought-stricken areas of Africa will be given more attention and sympathy, and our best efforts will be made to assist in their rehabilitation within the limits of our resources. Our membership of the United Nations Organisation will be made more practical and meaningful. The call for a new International Economic Order which lost its momentum in the face of the debt crisis will be made once again.


Nigeria hereby makes a renewed request to the Non-Aligned Movement to regroup and reinvigorate its determination to restructure the global economic system, while we appeal to the industrialized nations to positively consider the debt plight of the developing countries and assist in dealing with the dangers that face us. We shall remain members of the various multilateral institutions and inter-governmental organisations which we belong to and do what must be done to enhance the membership and participation within them.


Fellow Nigerians, this country has had since independence a history mixed with turbulence and fortune. We have witnessed our rise to greatness, followed with a decline to the state of a bewildered nation. Our human potentials have been neglected, our natural resources put to waste. A phenomenon of constant insecurity and overbearing uncertainty has become characteristic of our national existence.


My colleagues and I are determined to change the course of history. This government is determined to unite this country. We shall not allow anything to obstruct us. We recognise that a government, be it civilian or military, needs the consent of the people to govern if it is to reach its objective. We do not intend to rule by force. At the same time, we should not be expected to submit to unreasonable demands. Fundamental rights and civil liberties will be respected, but their exercise must not degenerate into irrational expression nor border on subversion.


The War Against Indiscipline will continue, but this time, in the minds and conduct of Nigerians, and not by way of symbolism or money-spending campaigns.


This government, on its part, will ensure that the leadership exhibits proper example. Criticisms of actions and decisions taken by us will be given necessary attention and where necessary changes made in accordance with what is expected of us.


Let me reiterate what we said in 1984: This generation of Nigerians and indeed future generations have no other country but Nigeria. We must all stay and salvage it together. This time it shall be pursued with deeper commitment and genuine sincerity.


There is a lot of work to be done by every single Nigerian. Let us all dedicate ourselves to the cause of building a strong, united and viable nation for the sake of our own lives and the benefits of posterity.

Finally, I wish to commend the members of the Armed Forces and the Nigeria Police for their mature conduct during the change.


I thank you all for your co-operation and understanding.


God bless Nigeria.
http://againstbabangida.com/index.php?option=com_content&task=view&id=140&Itemid=1
Re: Why Buhari Was Removed By IBB by Nobody: 10:38pm On Oct 05, 2014
Every coup speech captures some truths about the previous government

Those who want to fantasise about Buhari's record as military dictator should read some truths from a man who was in the inner circle at the time!

4 Likes

Re: Why Buhari Was Removed By IBB by tit(f): 10:46pm On Oct 05, 2014
Excellent speech.
While Buhari was doing WAI in the front,
He was doing oil bunkering in the back.

Fashola for president.

4 Likes

Re: Why Buhari Was Removed By IBB by talktimi(m): 10:49pm On Oct 05, 2014
Babangida is a boss any day jor. The best president Nigeria ever had closely followed by Abacha

3 Likes

Re: Why Buhari Was Removed By IBB by ratiken(m): 11:06pm On Oct 05, 2014
tit:
Excellent speech.
While Buhari was doing WAI in the front,
He was doing oil bunkering in the back.

Fashola for president.
Fashola remains bad news. Toll plazas will re-surface on all highways and the poor with be downgraded to a lower level of poverty. He will be all over the globe on propaganda spree rather than work for the electorate. Fashola=Tinubu=Fraud=Enemy of Nigeria=Bokoharam sympathizers. Why would anyone want to seperate Fasola from Tinubu?

Buhari is a renowned evil. I am so certain that even if he contests with my son in 2059....... He'll still lose.

Unfortunately GEJ has no real competition come 2015.

9 Likes

Re: Why Buhari Was Removed By IBB by citizenY(m): 11:08pm On Oct 05, 2014
Except for a few issues that are not relevant today, this speech appropriately addresses our grievances against our current leaders.

For IBB ....the doctor has become the patient
For GEJ..... already in ICU... the underaker is on standby....By 2015, we shall all join him there, from the look of things.
.

1 Like 1 Share

Re: Why Buhari Was Removed By IBB by mkpakanaodogwu(m): 11:37pm On Oct 05, 2014
Nairaland
Re: Why Buhari Was Removed By IBB by onatisi(m): 11:49pm On Oct 05, 2014
I remember this speech vividly . Ibb was wearing a camouflaged army uniform . No smile and no show of emotion. It was in the evening when he appeared on NTA , I watched it on TSOS as it was called in those days .how time flies !life is vanity ,all is vanity

5 Likes

Re: Why Buhari Was Removed By IBB by Nobody: 5:00am On Oct 06, 2014
Hmm.....this speech is an eye opener.

2 Likes

Re: Why Buhari Was Removed By IBB by Descartes: 5:01am On Oct 06, 2014
There is a lot of work to be done
by every single Nigerian. Let us all
dedicate ourselves to the cause of
building a strong, united and
viable nation for the sake of our
own lives and the benefits of posterity.
-IBB

1 Like

Re: Why Buhari Was Removed By IBB by free2ryhme: 5:37am On Oct 06, 2014
story for the idols

4 Likes 1 Share

Re: Why Buhari Was Removed By IBB by anthony86(m): 6:03am On Oct 06, 2014
Those who are unaware of history are bound to repeat it - George santayana

Corruption is just a minute part of Nigerians Problem IBB really summarized the Nigerian Problem as thus


1. A decrease of our domestic production, while our population continues to increase.


2. Dependence on import for both consumer goods and raw materials for our industries.


3. A grossly unequal gap between the rich and the poor.


4. The large role played by the public sector in economic activity with hardly any concrete results to justify such a role.


These are the problems we must confront.

3 Likes

Re: Why Buhari Was Removed By IBB by Nobody: 6:48am On Oct 06, 2014
Regrettably, it turned out that Major-General Muhammadu Buhari was too rigid and uncompromising in his attitudes to issues of national significance. Efforts to make him understand that a diverse polity like Nigeria required recognition and appreciation of differences in both cultural and individual perceptions, only served to aggravate these attitudes.

This is still true of Buhari to this day.

The man still thinks he is the way the truth and the light and all good things must flow through him!

This mentality is why he is running for a 4th time after being rejected at the polls 3 times in the past!

It is always Buhari's way or the high way and don't be surprised if he forms a splinter party after loosing the APC ticket to ATiku

4 Likes

Re: Why Buhari Was Removed By IBB by egift(m): 7:26am On Oct 06, 2014
“I have realise our collective mistake in over-throwing you. I have seen the terrible damage which our inaction caused to the Nigerian psyche. I am most sorry. Please, come & do what is best known of you. Patriotic service to the nation.“
–LATE ABACHA (PTF inaugural speech).

“If Buhari quit PTF job as he promise & as we knew him to mean his words all along, I support the idea of scrapping PTF as no one else can do the job as him.“ –IBB

7 Likes 4 Shares

Re: Why Buhari Was Removed By IBB by anonimi: 7:37am On Oct 06, 2014
When I posted the below comment a few days ago, some called me names as usual =>

anonimi:


Including General Muhammadu Buhari who CLUELESSLY encouraged importation of cheap & cheerful "essential commodities" such as =>

- Milk
- Sugar
- Salt
- Rice
- Vegetable oil
- etc

then referred to as "Essenco" through the Nigerian National Supply Company, NNSC making a few soldiers very rich overnight but only for a moment while KILLING off our =>

* Farmers
** Agro-allied industries
*** related JOBS for our teeming YOUTHS


for decades.

Such was the legacy of the cold blooded murderer.

Has this part of the COUP speech by another former military DICTATOR the "Evil Genius", Maradona not validated my post


1. A decrease of our domestic production, while our population continues to increase.


2. Dependence on import for both consumer goods and raw materials for our industries.

3 Likes

Re: Why Buhari Was Removed By IBB by iluvnaija: 7:44am On Oct 06, 2014
Nigeria began to disintegrate since IBB took over.

Structural Adjustment Program SAP - SAP Riot
IMF Loan
Corruption was free for all till date
Nigerians were no longer discipline

Buhari still the best candidate till date. If you disagree obviously you are a thief and you have stolen before

3 Likes 1 Share

Re: Why Buhari Was Removed By IBB by Nobody: 8:10am On Oct 06, 2014
iluvnaija:
Nigeria began to disintegrate since IBB took over.

Structural Adjustment Program SAP - SAP Riot
IMF Loan
Corruption was free for all till date
Nigerians were no longer discipline

Buhari still the best candidate till date. If you disagree obviously you are a thief and you have stolen before

Buhari and IBB are not in the same league

IBB is a far better leader than Buhari

A lot of the institutions to this day were built by IBB

4 Likes

Re: Why Buhari Was Removed By IBB by chemali: 8:12am On Oct 06, 2014
mikeansy:


Buhari and IBB are not in the same league

IBB is a far better leader than Buhari

A lot of the institutions to this day were built by IBB

shocked

4 Likes

Re: Why Buhari Was Removed By IBB by Nobody: 8:15am On Oct 06, 2014
I read Dimka's speech after he killed Muritala. Are we now to believe IBB who was only there to amass wealth and power for himself. Where you expecting him to praise Buhari?

From what I however heard and read in Wiki, corrupt politicians and corrupt army generals saw to the overthrow of Buhari simply because they saw him as a threat.

I also heard that Nigerians got fed up with the strictness of the government and wanted a change. IBB came in with his deceptive smiles and they thought they had found a better ruler.

2 Likes

Re: Why Buhari Was Removed By IBB by chemali: 8:27am On Oct 06, 2014
As the net of Buhari’s anti-corruption drive widened, the trail of investigations led back to the Ministry of Defence. There were allegations that senior army officers were involved in drug dealing and rumours of some suspicious financial dealings at the Defence Ministry. Some accusatory fingers were pointed at Babangida. Nigerians never did get to find out the extent or nature of the allegations as a coup led by Babangida swept Buhari away before matters could proceed further. Not long after Buhari was replaced by Babangida, a senior and well respected journalist (Dele Giwa) was killed by a parcel bomb while he was working on a story that accused senior army officers of involvement in drug dealing. Giwa’s murderers have never been found, although attempts have been made to prosecute Babangida, and two military intelligence officers: Colonel Tunde Togun and Brigad


Buhari and Idiagbon:A Missed Opportunity for Nigeria

1 Like

Re: Why Buhari Was Removed By IBB by egift(m): 8:37am On Oct 06, 2014
Is it not heartbreaking to know that people are against Buhari because he don't want to embrace a little of Corruption - shift grounds, compromise a little, allow looting, use of substandard, etc.

May God delivery Nigeria from PDP's systematic mental slavery.

2 Likes

Re: Why Buhari Was Removed By IBB by Nobody: 8:43am On Oct 06, 2014
This video explains why IBB overthrew Gen. Buhari

Buhari had rejected IMF's ruinous conditions


https://www.youtube.com/watch?v=tuCdOkf4NxQ&list=UUMQOLBMYxeVLCX3cUWfmbOQ

[size=18pt]Buharinomics - General Buhari’s economic program marshaled out to salvage the nation in 1984 [/size]

http://www.elombah.com/index.php?option=com_content&view=article&id=5720:is-general-buhari-the-problem-with-nigeria&catid=36:pointblank&Itemid=83

Buharinomics was General Buhari’s economic program marshaled out to salvage the nation in 1984. He summarized the objective of his economic policy (as articulated in the 1984 budget) as follows: "To arrest the decline in the economy, to put the economy on a proper course of recovery and solvency, and to chart a future course for economic stability and prosperity" (West Africa, May 14, 1984).

He had previously done similarly, in March while receiving the visiting Sudanese President, Gaafar Nimeiri. Upon his inquiring of what the new military government had in mind for the nation it then ruled, Buhari said to him: "The priority [of his administration] is for economic recovery, providing employment opportunities, improving people's living conditions, consolidating internal security and ensuring foreign respect" (Africa Now, March 1984).

In a nutshell, Buharinomics set out to arrest the decline in the economy and refocus it towards recovery. Buharinomics was to wean the nation off consumerism and profligacy, while channeling it towards frugality and productivity.

To accomplish this, the government was to cut down on its expenditure, engage in more efficient restricting and controlling of foreign exchange outflow, undertake the revival of the country's productive capacity (concentration was on agriculture), and broaden government's revenue base.
www.nairaland.com/attachments/635156_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
The first test of Buharinomics was implemented to revive the comatose banking industry and arrest local currency hoarding. In April 1984, the government ordered a change in the color of the Naira. This action was dubbed the “real coup” by unscrupulous business men and politicians who had almost eliminated the need for commercial banking in Nigeria by keeping their moneys under their mattresses or by trafficking them into neighboring West African countries.

This currency change, which forced all holders of the Naira notes into exchanging them for the new naira notes at commercial banks, infused billions that had remained unaccounted for into the banking industry and eliminated counterfeited currencies, which had inflicted inflationary and other nefarious effects on the economy.

This measure had an immediate revitalizing effect in the banking industry and was an unqualified success. Banks that were close to collapsing became vibrant again, to the extent that some of them began to hire hitherto unemployed Nigerians.

www.nairaland.com/attachments/635893_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
To cut down on government expenses, the federal work force was cut by 30% and imports for 1984 pegged at 4 billion pounds (mostly on basic foodstuffs, spare parts, and raw materials for local industries), against 14 billion pounds spent in 1983. To ensure that Nigeria remained respectable on the international business world, Buhari committed to honoring Nigeria’s debt payment schedule irrespective of the limited earning potential of Nigeria.

In August 1984, Buhari was on one of his meet-the-people nationwide tours, which he began as soon as the administration got on its feet. Everywhere he went, the people embraced him, coming out en mass and ushering him tumultuous cheers and unreserved applause.

In one of his speeches to the people (this one in Owerri), he reiterated Nigeria’s commitment to honoring its debts, the dire economic situation notwithstanding. "The task of this administration is how to persuade Nigerians to understand that for a number of years to come, we would be paying debts, the roads may be long and thorny but we believe that on our shoulders lies the responsibility to save our fatherland from devastation that has resulted from mismanagement" (Newswatch, February 18, 1985).
[img]https://www.nairaland.com/attachments/635886_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
Buhari could not have been any more correct in his statement above. Assuming Nigeria took no further loans, its breakdown of loan repayments was as follows: 3.9 billion naira ($4.4 billion) in 1985, 3.7 billion naira ($4.19 billion) in 1986, 2.8 billion naira ($3.2 billion) in 1987, until a decrease to 703 million in 1991 (Concord Weekly, May 6, 1985).

Nigeria’s precarious financial situation made it impossible for it to finance capital projects and meet up its balance of payment obligations. With oil export pegged at 1.3 million barrels per day by OPEC, borrowing from external sources became necessary. To this effect, Nigeria proposed borrowing 1.795m naira to finance its capital project from the IMF. The patriotism with which General Buhari handled Nigeria’s dealings with the IMF was the highlight and beauty of Buharinomics.

[img]https://www.nairaland.com/attachments/635887_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]
In order to qualify for the loan, IMF gave Nigeria certain conditions which must be met. In 1984 when the naira exchanged for $1.34, the IMF demanded a minimum of 60% devaluation of it. Buhari refused, agreeing only to a "crawling peg"—a mechanism whereby government would realign the currency gradually, forestalling or minimizing economic and social dislocations because of such drastic devaluation of its currency.

In addition to the devaluation of the naira, IMF demanded that government took other drastic actions: (a) The government must remove its subsidy on petroleum. (b) It must curtail its expenditure. (c) Government must rationalize its tariff structures. (d) It must put a freeze on its wages. (e) It must put a total end of non-statutory transfers to State governments, (f) Government must at least institute a 30% raise on interest rates—government resisted this because the decline in its revenue earnings and its debt obligations made it almost impossible to raise interest rates without triggering inflation (West Africa, May 14, 1984).
www.nairaland.com/attachments/908607_Gen_Buhari_jpg680f0e3cee55a5a2432551406739fb8e
The Nigerian government and veteran economists in Nigeria (like Aluko, Onosade, Okigbo, etc) could not make sense of being asked to devalue its currency when Nigeria’s imports were in dollar and its export (fixed quantity of oil) was also in dollar.

The implication of devaluation was that Nigeria would pay more to import lesser quantity of goods than it did prior to any devaluation. It would also export the same amount of oil it exported before any devaluation and derive lesser revenue than it received before any devaluation The impacts of it debt payment would have harsher effect on the citizenry if the naira was devalued.

This did not make any economic sense to Buhari; it struck him as an insult on the intelligence of the African. Finance Minister Onaolapo Soleye and Alhaji Abubakar Alhaji who led the Nigerian delegation to the last negotiation in Washington were chewed out by US Federal Reserve Chairman, Paul Volcker, for presenting the Nigerian governments rejection of most of these recommendations. For rejecting the IMF conditions and the loan, the Buhari administration got into the black book of Washington.

Already, it had earned the dislike of 10 Downing Street for cutting down Nigeria’s imports from the UK by about 350%. In any case, without the IMF loan, government was still in a bind as to how to finance capital projects and pay for imports, especially spare parts for local industries, food items, etc.

At this juncture, the genius and resourcefulness of Buharinomics illuminated to the delight of the African.

www.nairaland.com/attachments/686219_buhari_parade_jpgcf420c430ac5cdb9a5c0fadf1e0fb509
First, the administration sent Oil Minister Tam David West to OPEC to seek a raise in the quantity of oil that Nigeria could export. If OPEC agreed, Nigeria would expect to generate extra revenue in the long run from any increase of its oil quota and this would assist tremendously in augmenting the shortfall in the nation’s purse.

Professor West came back empty handed—the US and Britain had put pressure on their puppets in OPEC (like Saudi Arabia) to refuse Nigeria’s request.
www.nairaland.com/attachments/710787_buhari_pic_gif0b92a71a0ffa3f1da9713778c0f7a2f0
To counter OPEC’s bluff, the Buhari administration entered into a $2 billion barter trade agreement with four countries. Nigeria daily bartered 200,000 barrels of oil as follows: (a) completely knocked down parts for automobiles from Brazil. (b) Construction equipment from Italy (c) Engineering equipment from France, and (d) Capital goods from Austria.

This barter trade took care of the administration’s need to have borrowed money but it intensified the ill will the US and Britain had for Nigeria. By bartering this oil, Nigeria was: (a) solving those needs which the proposed IMF loan was geared toward. Doing so without borrowing or feeling the pains of spending the meager amount generated from its OPEC approved 1.3 billion a day oil export is the stuff an economic wizard is made of. (b) Britain had been cut off as Nigeria’s major supplier of the goods which the countries in the barter agreement sent to Nigeria. (c) The US usurious money lenders were denied the chance to suck Nigeria dry through the IMF loan. (d) American and British oil companies were irate that the oil being bartered would flood the oil market, cutting in on their profits. (e) The oil being bartered was oil that used to be illegally bunkered before Buhari put illegal oil bunkering artist out of business.

For once, an African country had put positive economic mechanism in place to salvage its ailing economy without swallowing IMF’s poison pills.

www.nairaland.com/attachments/726098_Buhari_jpgd50be5e2308ebe86c9271391021b0a5f
As far as America and Britain were concerned, there was a price to be paid by this Buhari, who thought he was smart enough not to accept subservience to their authority.

To begin with, a London newspaper (The Financial Times) published Nigeria’s barter trade agreement with Brazil (which, in truth, was done in secrecy because Buhari treated some aspects of his economic policy as State secret). The British thought it was going to incite OPEC against Nigeria since OPEC as a body did not support oil bartering.

Oil Minister Tam David West, in a press conference, said, “If a nation believes it is part of its strategy for national survival to do this [barter trade], why not?” To assure OPEC that Nigeria was not indulging in barter trade in order to pull out of OPEC, he added ”Our strategy is to stay in OPEC and make its presence felt, and work together on programs that will be for the economic interest of all” (Concord Weekly, May 6, 1985).

There is more to this barter trade than time will permit one to detail in this piece. For now, it is worth noting that it was the major reason for which Britain and America wanted the Buhari administration overthrown.
www.nairaland.com/attachments/754009_Gen__Buhari_jpg3932850d15a62856c902dd8cc516cff9
The counter trade showcased Buhari as a visionary. He made America and Britain feel silly and they swore to get him out of office.

When Babangida took over, on his maiden speech to the nation he promised to revisit the counter trade agreements. Within two weeks in office, September 17, 1985, he setup a panel to review it and recommend to his administration how to revive the economy without the use of counter trade.

Babangida rolled back counter trade at the behest of his imperialist masters and at the detriment of the Nigerian nation and people.

[img]https://www.nairaland.com/attachments/754008_Gen__Buhari_-_Armed_Forces_Day_jpgae96a40b5e2050b6d582cd44f4943800[/img]
By the time the Buhari administration was overthrown in August of 1985, Buharinomics was beginning to yield dividends. For example, the inflationary rate had fallen from 23.2% in 1983 to 5.5% in 1985.

Nigeria did not regret rejecting the IMF loan because it was meeting its obligation of prompt debt payment and the bartered goods were, to some extent, holding up within the austerity measure which had been in place since the Shagari days.

Food was becoming reasonably available for two reasons: (a) The emphasis paid to agriculture had resulted in abundant food harvests, especially yam tubers. (b) The border closure made it impossible for unscrupulous business men to continue smuggling food items into neighboring countries where they sold for twice their value in Nigeria.

Had Buharinomics continued for at least five years, Nigeria would have joined the Asian tigers in economic growth and self reliance. We know that to be true because Babangida came into office and did everything the IMF asked and the Nigerian economy took a dive into the gutter and has not recovered yet.
[img]https://www.nairaland.com/attachments/754010_General_Muhammadu-Buhari-1984_jpg807fb78f1366f42744d90196f32d264e[/img]

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Re: Why Buhari Was Removed By IBB by Sibabasibaba1: 9:05am On Oct 06, 2014
Both Buhari and IBB are criminals who should have been executed or jailed for life.

Unfortunately, those who have made Buhari god think otherwise, thus legitimising criminality.

SMH! Repackaging a criminal who achieved nothing 30 years ago. Have we forgotten that this man who planned to be a life Head of State was in power the same time with late Maggie Thatcher and Ronald Reagan?

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Re: Why Buhari Was Removed By IBB by Nobody: 9:17am On Oct 06, 2014
Buhari as a saint is the second biggest lie. The first being that the devil does not exist.

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Re: Why Buhari Was Removed By IBB by iluvnaija: 9:23am On Oct 06, 2014
Sibabasibaba1:
Both Buhari and IBB are criminals who should have been executed or jailed for life.

Unfortunately, those who have made Buhari god think otherwise, thus legitimising criminality.

SMH! Repackaging a criminal who achieved nothing 30 years ago. Have we forgotten that this man who planned to be a life Head of State was in power the same time with late Maggie Thatcher and Ronald Reagan?

How old are you? Where you told all these lies or you are paid to discredit Buhari?

Your lies can't change my views about Buhari, I have seen facts about him. Buhari is better than the politicians you worship today. Nigeria politicians are all thieves.

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Re: Why Buhari Was Removed By IBB by Nobody: 9:26am On Oct 06, 2014
iluvnaija:


Your lies can't change my views about Buhari, I have seen facts about him. Buhari is better than the politicians you worship today. Nigeria politicians are all thieves.



keep DEFENDING RUBISH

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Re: Why Buhari Was Removed By IBB by talktimi(m): 9:37am On Oct 06, 2014
iluvnaija:


How old are you? Where you told all these lies or you are paid to discredit Buhari?

Your lies can't change my views about Buhari, I have seen facts about him. Buhari is better than the politicians you worship today. Nigeria politicians are all thieves.
if Nigerian politicians are all thieves and Buhari is a Nigerian politician, what does that make him also ?

5 marks

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Re: Why Buhari Was Removed By IBB by Nobody: 9:54am On Oct 06, 2014
When an enlightened man takes IBB serious despite all that was written about him... hahaha. I am yet to see what GMB did bad because all that I have found through reading has been positives... except the propaganda to discredit him which is stale

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Re: Why Buhari Was Removed By IBB by Nobody: 10:02am On Oct 06, 2014
barcanista:
When an enlightened man takes IBB serious despite all that was written about him... hahaha. I am yet to see what GMB did bad because all that I have found through reading has been positives... except the propaganda to discredit him which is stale
You APC shilling monkey...I can bet that if IBB chooses to pick up a nomination form under your satanic party you will write a eulogy for him

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Re: Why Buhari Was Removed By IBB by Nobody: 10:06am On Oct 06, 2014
RevDesmondJuju:

You APC shilling monkey...I can bet that if IBB chooses to pick up a nomination form under your satanic party you will write a eulogy for him
Like I am writing for Atiku abi? You are just a confused and bigoted scum. It is a shame and a disgrace that I even quote you. Nonsense Son of Bigotry and Anger

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Re: Why Buhari Was Removed By IBB by Nobody: 10:07am On Oct 06, 2014
barcanista:
Like I am writing for Atiku abi? You are just a confused and bigoted scum. It is a shame and a disgrace that I even quote you. Nonsense Son of Bigotry and Anger

Atiku turned down your request for shilling grin grin grin grin

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Re: Why Buhari Was Removed By IBB by Mogidi: 11:25am On Oct 06, 2014
Regrettably, it turned out that Major-General Muhammadu Buhari was too rigid and uncompromising in his attitudes to issues of national significance.

The above sums up the Buko hari leader.

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