Professor Itse Sagay SAN, Chairman of the Presidential Advisory Committee Against Corruption (PACAC), has described former Military President, Ibrahim Badamasi Babangida (IBB) as a dictator who did everything to cling to power at all cost until he was forced to step down in August 1993.

In his autobiography titled ‘ All Will Be Well’ which was launched in Lagos last week and made available to DAILY INDEPENDENT, Sagay who described Babangida as a lapdog of the western economic institutions, said many of the policies introduced by his regime greatly ruined Nigeria’s economy.

One of such economic policies, according to Sagay is the Structural Adjustment Programmes (SAP). This policy has moved the Nigerian currency from One Naira to a Dollar in 1985 to more than N500 to a dollar today.

In pages 488 and 489 of the book under the sub-heading ‘No Alternative to SAP’, Sagay wrote “Babangida was not only a dictator who clung to power at any cost, but he also introduced many toxic measures which have ruined our economy. He was a lapdog of the Western Economic Institutions which wanted to keep the underdeveloped world down.

“Babangida woke up one morning and introduced what he called SAP, Structural Adjustment Programme. Technically, Structural Adjustment Programmes are economic policies for developing countries that were promoted by the World Bank and International Monetary Fund (IMF) in the early eighties by the provision of loans conditional on the adoption of obnoxious back-breaking policies.

“These measures included the devaluation of the currency to 10% of their original value, the liberalisation of importation, mass retrenchment in the public sector and cuts in the already pitiful welfare programmes. In return, Nigeria qualified again for loans which were needed to repay the interest on the outstanding loans which were already consuming three-quarters of the country’s foreign exchange earnings (Adewale Maja-Pearce 1989).

“It is no surprise that one Naira which was equivalent to one Dollar in 1985, is now N500 to one Dollar (as at the time of writing this book). That is the catastrophic effect of SAP.

“To add salt to injury, Babangida’s government had the guts to insult Nigeria further by announcing that there was no alternative to SAP.

“Chief Gani Fawehinmi, Festus Iyayi, Dr Tai Solarin and a few others decided to take Babangida up on this challenge and announced a conference on “Alternative to SAP”. Dr. Festus Iyayi was to be the main presenter and many of us were looking forward to this alternative that would expose the Babangida’s regime fraud.

“We all arrived in Gani’s chambers complex that morning with the public pouring in anxiously in order to hear that, contrary to government lies, there was indeed an alternative policy to SAP. Suddenly, there were armed policemen everywhere, chasing us all away with tear gas.”
https://independent.ng/ibb-a-dictator-his-policies-ruined-nigerias-economy-sagay/

No his policy saved Nigerian the ruins of Buharis 1983 disaster

And that is the same man all our presidential aspirants are running up to for blessing and endorsements

In China, people like IBB won't be alive

Coming from someone serving under Buhari

What ibb did was forced on him as a result of trying correct the disaster of buhari's government

All this one nah rubbish talk....
Babangida wey don commot for power since how many years now
Those fools wey dey there before nko

This foolish man wey dey use us nko

Why una no come out dey bash am

Only kids born a few years back wouldn't know that

Anytime I remember Babangida regime I feel like crying....

The Maradonna

Okoroawusa:
Anytime I remember Babangida regime I feel like crying....

The Maradonna

You must be an old man

mrvitalis:
Coming from someone serving under Buhari

What ibb did was forced on him as a result of trying correct the disaster of buhari's government

You people will go any length to spite buhari and end up doing just yourselves

him and obasanjo. evil being

Okoroawusa:
Anytime I remember Babangida regime I feel like crying....

The Maradonna

He ran a chop i chop. unlike Buhari

Okoroawusa:
Anytime I remember Babangida regime I feel like crying....

The Maradonna

IBB is out of power but still technically in power

Rastaramsey:
All this one nah rubbish talk....
Babangida wey don commot for power since how many years now
Those fools wey dey there before nko

This foolish man wey dey use us nko

Why una no come out dey bash am

SarkinYarki:
No his policy saved Nigerian the ruins of Buharis 1983 disaster

You are so confidently ignorant and dumb.

I'm sure you are a little boy with a phone.

The Northerners will always defend its own no matter how bad. He is really ignorant

ba7man:
You are so confidently ignorant and dumb.

I'm sure you are a little boy with a phone.

And the catastrophic Buhari government is serving today have done what? Pot calling kettle black.

ba7man:
You are so confidently ignorant and dumb.

I'm sure you are a little boy with a phone.

Name one Babangida economic policy that was bad? You would say SAP? Do you know when Babangida overthrew Buhari the Nigerian economy was already in tatters and the only way out was the Proviso bound IMF loan and that Proviso was SAP

But if you read the article, it said SAP is responsible for high rate of dollars today

SarkinYarki:


Name one Babangida economic policy that was bad? You would say SAP? Do you know when Babangida overthrew Buhari the Nigerian economy was already in tatters and the only way out was the Proviso bound IMF loan and that Proviso was SAP

Babangida shouldn't be putting mouth in Nigeria’s affairs today

SarkinYarki:


Name one Babangida economic policy that was bad? You would say SAP? Do you know when Babangida overthrew Buhari the Nigerian economy was already in tatters and the only way out was the Proviso bound IMF loan and that Proviso was SAP