[b]Structural Adjustment Lending, which is closely integrated with the programs of the IMF, officially became one of the programs of the World Bank in 1980. According to the Bank's Annual Repon for 1981: In fiscal 1980, the Executive Directors approved the initiation of Structural Adjustment Lending-that is, lending designed to suppon major changes in policies and institutions of developing countries that would reduce their current account deficitS to more manageable proponions in the medium term while maintaining the maximum feasible development effon. . . .It has been recognized that Structural Adjustment Lending by the Bank is complementary to suppon for adjustment programs provided by the International Monetary Fund, particularly in those countries that have agreed upon a three-year program with the Fund.10 This lending to support major changes in policies and institutions of developing countries was designed by the Western capitalist countries in the 1950s. It was the handiwork of C. Douglas Dillion, the U.S. Deputy Secretary of State for Economic Affairs. The pillars of the policy include the consonium technique of giving "aid" designed by the U. S. to compel other European powers to share in the OKOLIE 49 "aid" burden; a sh.ift from "project aid" to "program aid" and the need to rely on IMF stand-by arrangements in considering requests. The stand-by arrangements of the IMF were designed to promote "free enterprise"- that is, the unrestricted flow of capital and goods from the West to the underdeveloped countries and unrestrained repatriation of profit When, therefore, governments intervene through such measures as the provision of subsidies, rationing, or tariffs to protect local industries, the IMF sees it as "distortions" of free market relations. According to the Fund, removing these distortions, providing more loans and rescheduling existing debts will make the economies of these underdeveloped countries recover. But the real motive is to finance the export of products of advanced capitalist countries to the poor countries facing foreign exchange crisis because of the downward plunge of the prices of primary products. In the words of Douglas Dillion, "in the delicate area of fiscal and monetary policy, governments find it much easier to accept the counsel of an objective, impartial and highly competent international organization than the advice of other governments, no maner how good or well intentioned."'' This means that given the increasing tendency of Third World governments to protect their local industries, it is easier to fmance exports with credits channelled through the IMF whose conditions favor free trad~. This program was initially called Balance of Payment Support Program. It was later re-named Stabilization Program, and later again, the Structural Adjustment Program. Its components include the removal or liberalization of control on foreign exchange and imports, devaluation of the local currency, domestic inflationary measures such as control of bank credit; high interest rates and higher reserve requirement; reduction of government deficit through cuts in spending, increase in taxes, levies and prices charged by public corporations, removal of subsidies, privatization; wage freeze; more incentives to foreign investors in terms of tariff structure, conditions for profit repatriation, and the creation of industrial free zones. It was the civilian administration headed by Shehu Shagari that ftrst introduced SAP in Nigeria. This is not surprising because of the unprecedented profligacy and prodigality of the Nigerian ruling class during the tenure of that government. Thus while the countty earned over N43 billion from the sale of crude oil alone in the period between 1979 and 1983 (which is higher than all that the country had earned since 1958), its foreign debt rose from Nl.5 billion in 1979 to Nl0.2 billion in 1983. The economic stabilization (Temporary Provisions) Act of April 1982 enabled Shagari to introduce "austerity measures." Five months after these measures were introduced, 72,000 workers were officially recorded to have been retrenched. [/b]
NOTE THAT THIS WAS 79-81, WHEN CORRUPTION WAS NOT YET ENTRENCHED BY IBB.
There are more materials on the internet. You will know that the profligacy of compensation for party members and prodigal spending was pronounced under NPN (My LATE dad was a member of that party against UPN that was so popular in my hometown).
I wish the documentary about Rajendra Sethia and Umaru Dikko was still on YouTube. I was in shock when I first watched it in 1985. Those guys brought down a British bank, Johnson Matheys with their corruption.
The Shagari Administration had a policy of subsidising essential commodities (known as esenco back then) and Umaru Dikko, who was the minister of transport back then, was responsible for issuing the import licenses. He gave licenses to Rajendra Sethia's companies in exchange for bribes and the government paid subsidies to Mr Sethia for rice, sugar and other goods that never arrived.
Johnson Mathey's Bank gave loans to Mr Sethia to finance these deals because they trusted his connection to Umaru Dikko. Then the 1983 coup came and the contracts dried up due to the War Against Indiscipline. Mr Sethia couldn't pay back the loan and the bank almost went under. The Bank of England was forced to bail it out.
I remember all the lavish parties at 1004 and all the madness that went on back then.
naptu2: Independent Television News (UK) video from 1985.
Anti-corruption war in Nigeria leads to collapse of British bank.
Basically, corrupt British/Indian businessman, Rajendra Sethia, made a fortune from bribing Nigerian transport minister, Umaru Dikko, to get import licenses which gave him the right to import esenco into Nigeria at subsidised prices (subsidised by the Nigerian Government). Most of the time no esenco was actually imported. It was simply a scam to defraud the government of subsidy money.
Rajendra Sethia often borrowed money from Johnson Mattheys Bank in order to finance these deals.
Then there was a coup in Nigeria and a war against corruption. Johnson Mattheys, like most Nigerians, knew in advance that there would be a coup, but they felt that it would be good for business (business as usual).
In actual fact, the amount of money that Johnson Mattheys lent to Sethia was not enough to make the bank go under, but they felt that he was a winner, so they kept throwing money at him, even after the problems started. They felt that he only needed more money to fix the problems.
Sethia was declared wanted in the UK for forgery. He had forged a bill of laden (essentially declaring that the same goods were going to two different places). He fled to Spain and was eventually arrested in India for being in possession of a false passport.
He told ITN News from prison, that he never bribed Umaru Dikko, but he did make a contribution of $30 to $40 million to the 1983 Nigerian elections.
naptu2: I hope the anti-spam bot doesn't ban me because of the link.
I remember when BCCI collapsed c1991. The CBN took action to protect its Nigerian subsidiary. Some people alleged that it took action because the Sultan, Ibrahim Dasuki had a lot of shares in the bank.
These screenshots are taken from this book.
The Organized Criminal Activities of the Bank of Credit and Commerce International: Essays and DocumentationIn memoriam David Whitby
And for those "Waste of Human flesh," 1MBECILES and M0R0NS who rejoice at the kidnapping of FREEDOM FIGHTERS...Nnamdi Kanu and Sunday Igboho, may they and their generations CONTINUE to suffer and may their DREAMS become NIGHTMARES, AMEN!
post=103888260: Holiday quiz for children of hate frustration and perdition. 5000 recharge card for the first 10 wailing criminals, AKA Wailing zombies
Jerryherd: 4:45am Yet they can't arrest bandits on Nigerian soil
Who says God no dey read sane members prayers for Nairaland. Another prayer to restore peace and tranquility to our nation answered. First was the animal shekau. Next was the mental idiot Cownu, Now the PDP sponsored Dagboru.... Bandits, kidnappers, ritualists, baby factory owners, the evil and sponsored ones among the herdsmen and more idiots coming.
A good Sallah gift to sane, honest and hardworking Nigerians.
Jerryherd: 4:45am Yet they can't arrest bandits on Nigerian soil
post=103888377: May it never ever ever be well with anyone on Nairaland evil, wickedness, killings of innocent Nigerians, killings of our military personnel.
Anyone supporting evil here will die very miserable deaths. They and their families will and can never escape the evil coming to their doors.
Say Amen if you don't support evil , blood and deaths. Awon werey hypocritical swines and bastards.
Devil punish all evil people in Nigeria
I guess you are a Fulani terrorist, disguising as Yoruba, because you think like them.
You can't condemn igbohos arrest and be praising the arrest of Kanu
I didn't have any issue with Kanu until he was publicly showing support for ugm in Imo on Twitter
Sunday was doing the government's job. His only mistake was calling for yoruba nation which was still as a result of government's failure to do the needful.
Can you now give me your truth after reading this :
Buhari's reign as head of state : December 1983 to August 1985 Babangida's reign as Head of state : August 1985 to August 1993
Buhari inherited economic growth of -10.92% in 1983 and left it as 5.91 % in 1985 Buhari inherited per capital of $1,223 in 1983 and left it as $883 in 1985 Buhari inherited GDP of $97.09B in 1983 and left it as $73.75B in 1985
IBB inherited economic growth of 5.91% in 1985 and left it as -2.04 % in 1993 IBB inherited per capital of $883 in 1985 and left it as $270 in 1993 IBB inherited GDP of $73.75B in 1985 and left it as $27.75B in 1993
Note: Buhari inherited battered economy while IBB had oil windfall.
post=103888377: May it never ever ever be well with anyone on Nairaland evil, wickedness, killings of innocent Nigerians, killings of our military personnel.
Anyone supporting evil here will die very miserable deaths. They and their families will and can never escape the evil coming to their doors.
Say Amen if you don't support evil , blood and deaths. Awon werey hypocritical swines and bastards.
I will respond to you again for the last time so that you dont mislead others reading your doctored submission . Firstly, an illiterate is defined as someone that is unable to read and write. You goofed by calling me an illiterate. I know you are badly educated, so it was not dissapointing but expected.
Two, you were brandishing fake statistics to justify your false narrative. Please allow me to school you a bit:
Buhari's reign as head of state : December 1983 to August 1985 Babangida's reign as Head of state : August 1985 to August 1993
Buhari inherited economic growth of -10.92% in 1983 and left it as 5.91 % in 1985 Buhari inherited per capital of $1,223 in 1983 and left it as $883 in 1985 Buhari inherited GDP of $97.09B in 1983 and left it as $73.75B in 1985
IBB inherited economic growth of 5.91% in 1985 and left it as -2.04 % in 1993 IBB inherited per capital of $883 in 1985 and left it as $270 in 1993 IBB inherited GDP of $73.75B in 1985 and left it as $27.75B in 1993
While you are looking at this figure, look at the growth that Buhari inherited, a pointer to the bad economy he inherited. IBB inherited a healthy economy, yet ruined it despite the oil windfall that happened during his regime.
Lastly, let me quote you again:
"When we warned people then, they called us names. Now they are hungry."
I am sorry you are not in a position to advise people on economic matter because you are such a knuckle head. You need to go back to school and be properly coached on economic indices. You are so pathetic and numbskull. Stop giving a dog a bad name in order to hang it.
The trouble with illiterates and half illiterates is that they see things in black and white and fail to see the grey areas. Ordinarily, I would ignore your type, but you seem to be itching for an education. I will indulge you. Buhari took over in 1983. GDP 97bn. GDP/capita $1223. Oil price. $29
By 1984, his first full year... GDP $73bn. GDP/capita $902. Oil price. $28. Pray, tell me how your god managed to crash the GDP by $24bn within 1 year even with oil prices dropping by just $1?
1985 GDP $73bn. GDP/capita $883. Oil price $26. How did your god manage to crash the GDP per capita by $20 even with oil prices dropping by just $2?
1986 Babangida first full year GDP $54bn. GDP/capita $631. oil price $13! Oil lost a whopping 50% to drop to half its price when Babangida was in office. Thank God Buhari had gone by then, the economy would have been worse.)
1987 Babangida 2nd year GDP. $52. GDP/capita $598. oil price. $18 pause a bit here. This was Babangida 2nd year. Now compare how much the two rulers have individually managed the economy in the same 2 years time frame. Buhari is far worse, He crashed the GDP by $24bn while Babangida did same by $21bn. Buhari crashed the GDP per capita by $340 while Babangida did same by $285 Meanwhile oil prices dropped by 50% for IBB while it dropped by just 2% for Buhari. Your education is pathetic! I pity people who listen to you.
GDP. $54bn. capita $474. oil price $14. How did babangida grow the GDP by $5bn when oil price remained the same? Wow!
let me jump to 1993, Babangida last year in office. GDP $27bn. capita $270. oil price. $14! ( back to 1989 levels with protests here and there in Nigeria and capital flight.[/b]
Now imagine if Buhari had been there for long. You can see what is happening now that he's been in power for just 6 years. Nigerians have never been this hungry and divided except for the civil war years. But people like you always have your rose tinted glasses on to deceive yourselves and your ilk. Continue.
I have zero interest in Sunday Igbowhatever. But how true is this news? Is it possible for DSS to operate outside Nigeria, its jurisdiction? If it is true, how come we don't see the man in handcuffs like they did to KANU? The DSS may not even know where the guy is. They Are probably trying to smoke him out by spreading false information. Let's wait and see.
post=103888377: May it never ever ever be well with anyone on Nairaland evil, wickedness, killings of innocent Nigerians, killings of our military personnel.
Anyone supporting evil here will die very miserable deaths. They and their families will and can never escape the evil coming to their doors.
Say Amen if you don't support evil , blood and deaths. Awon werey hypocritical swines and bastards.
U are mixing things up It is one thing to fight for his people It is another thing to seek secession I mean trying to establish another sovereign state within a state That's TOTALLY UNACCEPTABLE look at Asari Dokubo & those Niger Delta boys They fought for their rights They established a very strong point thru their violent acts The government heard their cries and something was reached amicably. A lot of those guys are government contractors now They are employed as security for oil rigs and all, paid multi millions of dollars The wealth is in circulation somehow and boundaries are set Igboho was soooooo wrong to have suggested secession.
No he's asking for self determination, like UK did with EU, Scotland did with England, Ukraine did with Russia and so on!
It is not true, it was not Sunday Igboho that was arrested in cotonou it was Sunday Igbala, how can you arrest a super power like that in a very tiny country like Benin Republic,
Those old morally bankrupt Yoruba men deserve all the insults and even more they are getting from him, they are the major parts and parcels of Nigerian problems today. Even when he started eulogizing Tinubu, that is when I started questioning his motives. He made the mistake of declaring a Yoruba nation, this is the only thing he did that I don't support. Since that day, the Fulani's government has found a reason to come after him. His war against the Fulani's herdsmen killing people has earned him a hero status among the Yoruba's, he should have left it at that. There is a better way to go about his Yoruba nation agitation, he should have focused on getting rid of Fulani's jihadists in the South West, this will continue to earn him the support of the people, then build some ground forces that are fully armed to flush out the jihadists, these might even be the extension of Amotekun but loyal to him. Once you can control the security and other activities in the region, you don't even need to agitate for any nation, people themselves might take that initiative for you. It seems most of these self-acclaimed freedom fighters or secessionists don't get a good advicer.
Now that he has been released oya change mouth like typical afonja wey you be.
FakeUnity: Now that he has been released oya change mouth like typical afonja wey you be.
I'm happy with that news if it is true, I hope he applies break on his Yoruba's nation agitation and rather focuses on ridding the south west of Fulani's invaders.
Can you now give me your truth after reading this :
Buhari's reign as head of state : December 1983 to August 1985 Babangida's reign as Head of state : August 1985 to August 1993
Buhari inherited economic growth of -10.92% in 1983 and left it as 5.91 % in 1985 Buhari inherited per capital of $1,223 in 1983 and left it as $883 in 1985 Buhari inherited GDP of $97.09B in 1983 and left it as $73.75B in 1985
IBB inherited economic growth of 5.91% in 1985 and left it as -2.04 % in 1993 IBB inherited per capital of $883 in 1985 and left it as $270 in 1993 IBB inherited GDP of $73.75B in 1985 and left it as $27.75B in 1993
Note: Buhari inherited battered economy while IBB had oil windfall.
