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Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 9:39am On Feb 27, 2025

mrvitalis:
Oml 127 didn't start production without investment... How much was invested you don't care... But u think the investors make too much profit
If I give you and your family oil well you can't in 10 generation get it to start producing... Highest is to use it to loan money
Bro get a life make money and invest then take less profit

Where did a tailor get 10 billion dollars to invest in OML 127 in 1980 ?
The GDP of the whole Nigeria was 20 billion dollars in 1984.

Where did Tailor Alakija get half of Nigeria's GDP to invest in OML 127 ?
Did she get it from sewing agbada for Babangida ?

You think everybody is a fool in Nigeria, Thats why Abiola and all the people after him were killed to hide all these from the Nigerian public

Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 9:34am On Feb 27, 2025

mrvitalis:
Oml 127 didn't start production without investment... How much was invested you don't care... But u think the investors make too much profit
If I give you and your family oil well you can't in 10 generation get it to start producing... Highest is to use it to loan money
Bro get a life make money and invest then take less profit

Alakija didnt invest a dime !! She got Chevron to do it for a percentage of the Oil.
She was an armchair investor.
She was a tailor, initial investment into oil wells could be as high as 10 billion dollars.
Do you know any tailor that has 10 billion dollars in 1980 ?
I am not sure you have enough intellect to grasp this.
I will discuss with someone who can call a fraud a fraud without not troll.

Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 9:19am On Feb 27, 2025

mrvitalis:
So have you asked yourself how much they invested? .. How much the interest on the loan is? If they invested 10 billion dollars since it's an offsore...
Say the funded 50% and borrowed 50% ... That's 5 billion loan.. Say interest is 7% per year
Loan payments alone is 350 million... They pay staff and maintain rigs
So u think she alone pockets that money?
Even if she pockets that.. What's wrong with it
Did you invest for her M

Your attempt to defend this is very dismal, OML 127. You are describing what happens in sane climes. You probably think you are talking to an Idiot....lol
Babangida allocated her OML 127,which could feed the whole nation. She partnered with chevron and let them do all the hardwork and heavy lifting upfront. She was a freaking tailor, where would she get 5 billion dollars for oil drilling and prospecting. She just gets that money with minimal input from onset. Get your facts right and stop trying to pass it off as a legitimate oil deal.

OML 127 Was Acquired Under a Shady Military Deal
• Alakija got her stake in OML 127 without going through an open, competitive bidding process.
• The deal was granted in the 1990s through a military junta under highly controversial circumstances.

Major Oil Companies Absorbed Most Risks
• Chevron and its partners took on the major technical and financial risks.
• Alakija’s company, Famfa Oil, didn’t do the drilling or front the billions—they simply collected a free ride on profits.

The Field Is a Cash Printing Machine
• Unlike new exploration fields that may take years to break even, OML 127 is already fully operational and profitable.
• All major capital expenditures have already been paid off.
• Most revenue now is almost pure profit.

Nigeria Is Borrowing While Individuals Make Billions
• Nigeria is in debt, borrowing from the IMF & World Bank.
• Meanwhile, a private individual is making $760 million a year from a national asset.
• This money could be used for infrastructure, power, and social programs.

Those predatory oil allocation should be cancelled and revised. There should be a national probe of all oil drilling and prospecting since Babangida Era till date. We are bleeding from the mis-allocation of our national resources.

1 Like

Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 9:07am On Feb 27, 2025

mrvitalis:
Same abiola that is into oil lefting and also have two oil wells? Lmaooo want to open up the oil industry? Lmaooo

Don't u guys use Google?

Like Tinubu like abiola both are stupidly corrupt tribal champions

Whats your point ?
Asides being a naysayer and a downer ?

Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 9:06am On Feb 27, 2025*

mrvitalis:
Daily Oil Production: ~200,000 barrels/day
Annual Oil Production: ~73 million barrels/year
Oil Price Estimate: ~$80 per barrel
Cost of Production: ~$27 per barrel
Federal Government Share: 55% of net profit
Tax Rate on Private Companies: ~27% on their profit
Final Net Profit After Tax = 760 million USD (Take-home profit)}

Based off your numbers thats $760 million dollars.
That doesn't sound obscene to you ?

1 Like

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 8:48am On Feb 27, 2025

ocnovakmichael:
As much as I understand your train of thought, yet I will comment to the contrary: God is not and never the author of sickness. I won't believe God is punishing IBB or the woman in question for their past deeds. Sickness is the offshoot of SIN brought about by the devil.

I am not even a religious person.
But there are things i would never do.
Out of my inborn moral code.
But i get your point and i am glad you get mine as well.

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 8:13am On Feb 27, 2025

Barbiturate:
There's nothing like God showing his powers. This is life. People get sick and people die. It's not about your financial status or what you've done or age. Poor people die young. The blind guy that flavour is sponsoring didn't work for Govt or embezzle public funds. Buhari and Tinubu with all their atrocities are still living and walking even in their old age. Alakija didn't get blind because Babangida gave her oil well. She probably didn't start checkup and treatment early

We are lucky Babangida didnt give her the whole Nigeria.

Politics › Re: The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 8:02am On Feb 27, 2025*

Who is Folorunsho Alakija fronting for ?

How does she go to bed at night making 2.2 billion dollars a year while people are dying of poverty all around her ?

She has been raking in this money since the 80's.....Non stop.

Abiola promised to open up the oil sector, he promised to publish how many crude oil barrels were exported everyday
He promised the legislative arm will hold the oil sector accountable.

Is that why they were scared of him. He would have questioned why the likes of alakija should be making 2.2 billion dollars every year since the 80's.

We are not in a democracy yet........We are in a democratic cabalocracy.

1 Like 1 Share

Politics › The Immorality Of Nigerians Owning Inappropriate Amounts Of National Assets. by malali(op): 8:02am On Feb 27, 2025*

In a nation where millions of Nigerians are trapped in poverty, where the roads remain dilapidated, where power outages are a daily reality, and where the healthcare system has collapsed, it is nothing short of criminal that a small handful of individuals continue to hoard the country’s most valuable resources. One glaring example of this immorality is the fact that Folorunso Alakija owns 60% of OML127, a prime oil block, while millions of Nigerians continue to suffer without access to basic amenities.

Let’s break it down. OML127 is an oil block that generates billions of dollars annually. The amount of wealth that Alakija and others like her extract from this single asset every year could be used to subsidize the lifestyle of all Nigerians, providing everyone with access to clean water, electricity, and basic healthcare. This wealth could revitalize our infrastructure, make quality education accessible to all, and put an end to the abysmal power situation plaguing the country. Yet, these individuals choose to hoard their wealth, building empires off the back of Nigeria’s suffering.

This concentration of wealth is not just a problem for Alakija, it is a systemic issue that dates back to the military junta’s time in power. Assets like OML127, Nigeria’s refineries, power generation companies, telecommunications, and mineral reserves have been sold off to a select few individuals and their cronies over the last few decades. These assets were meant to serve the entire country but have instead been privatized to enrich the few. The amount of money these individuals make from these assets each year is beyond obscene. Yet, these people remain immune to the suffering that their greed perpetuates.

The question must be asked: how can a country whose citizens are borrowing money from the IMF and World Bank to survive allow a few private individuals to own its most valuable resources? The national wealth is being funneled out of the country into the pockets of a few, leaving the masses with nothing but a cycle of debt and poverty.

It’s immoral. The wealth generated from these national assets should be used for the benefit of the people, not to enrich a few privileged individuals. Instead, we’ve allowed a situation to persist where individuals like Alakija make billions of dollars annually from OML127 alone, while millions of Nigerians live in poverty, deprived of the most basic rights and opportunities. This is a crime against the people of Nigeria.

But there’s something even more sinister at play here: the political system. We must remember that these private asset holders are not operating in a vacuum. The senators, house representatives, and high-ranking government officials who’ve been sponsored by these wealthy asset holders have ensured that the status quo remains unchanged. These politicians do not speak out because they have financial ties to those benefiting from the exploitation of national resources. They’ve been bought off, and so the Nigerian people remain silenced by the very system that is supposed to protect them.

This is why there has been no outcry from the Nigerian legislature over this injustice. The system has been engineered to keep the rich richer and the poor poorer. This is not a coincidence – this is a deliberate act of oppression.

We can’t keep fooling ourselves. It is high time we nationalize these assets and take back what is rightfully ours. OML127, Nigerian National Petroleum Corporation (NNPC), Nigeria Liquefied Natural Gas (NLNG), telecommunications companies, and mining resources must be placed in public hands – not the hands of individuals who seek to enrich themselves at the expense of an entire nation.

If we are not ready to fully nationalize these assets, we should at the very least force these individuals who own these assets to reinvest in Nigeria. Make them employ 100,000 Nigerians every year, paying them the minimum wage, and creating jobs in every state across the country. This is not a request – this is a demand. These people have extracted billions from the people, and it is high time they give something back.

We need to stop hiding behind the notion of private property rights and foreign investment. Nigeria’s resources are public goods, meant to be used for the collective good of the people, not to fuel the extravagant lifestyles of a select few. The time for change is now. We cannot afford to let this system continue.

This is not just about economic policy – it is about justice. It is about correcting an injustice that has been allowed to fester for far too long. The Nigerian people cannot continue to live in abject poverty while a small elite gets richer and richer. It is time to seize our resources, reclaim our future, and dismantle the system of exploitation that has held us down for decades.

Nationalize the assets, or make the owners pay back to the people. There’s no other option. The masses must take back their country, or else we will continue to spiral into an abyss of inequality, injustice, and suffering.

To estimate 60% of the annual net profit from OML 127, we need to first make some assumptions about its production and costs. Since the specific net profit for OML 127 is not publicly disclosed, we can use some general oil industry estimates to provide a rough calculation.

Assumptions:
1. Production Rate: OML 127 is an oil field that produces around 240,000 barrels per day.
2. Oil Price: The current price of Brent crude is approximately $72 per barrel.
3. Annual Revenue: Multiply the daily production by the number of days in a year (365) and the price per barrel:
• 240,000 barrels/day × 365 days × $72/barrel = $6.29 billion in gross revenue per year.
4. Operating Costs: Industry-standard operating costs for oil production can vary, but for the sake of this estimate, let’s assume around 40% of revenue goes toward operating costs, taxes, royalties, and other carrying costs.

Calculation of Net Profit:
• Operating Costs = 40% of $6.29 billion = $2.52 billion.
• Net Profit = $6.29 billion - $2.52 billion = $3.77 billion.

Estimated 60% of Annual Net Profit:
• 60% of $3.77 billion = $2.26 billion.

Conclusion:

Folorunso Alakija’s 60% share of OML 127’s annual net profit could be roughly $2.26 billion per year, assuming these basic assumptions hold true. This figure is a rough estimate, and the actual numbers may vary based on production levels, operating costs, oil price fluctuations, and other factors that affect the profitability of the asset.

https://www.youtube.com/watch?v=OAQxm8-F1bg

Nlfpmod
Seun
mukina2
Justwise
Fergie001
nlfpmod

4 Likes 1 Share

Politics › Re: The Curse Of Babangida by malali: 6:51am On Feb 27, 2025*

Iyorchia Ayu, who had served as the Minister of Education during the Babangida regime, died in a mysterious car accident in 1993, just after stepping down from his ministerial position.

General Sunday Adewusi, a key figure in Babangida’s military government, died in a plane crash in 1992. He was the Minister of Police Affairs at the time.

Major General A.K. Mustapha, a minister during Babangida’s rule, died in suspicious circumstances in 1996,. His death is sometimes attributed to health complications that arose under unclear circumstances, and the sudden nature of it raised eyebrows.

Ismaila Isa Funtua, a prominent media mogul and close ally of Babangida, died in 2020 under suspicious circumstances, after a short illness. Funtua had significant influence in the Nigerian media landscape, and his connection with Babangida’s inner circle made his sudden death a topic of intrigue.

UK Bello, Babangida's ADC was sacrificed during Orkar's coup in dodan barracks.

Many more to be listed.

1 Like 1 Share

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 6:24am On Feb 27, 2025

jaephoenix:
Obviously you didn't read the article. She didn't consult any eye docs. She went to the church instead. She probably had a retinal detachment due to malignant hypertension

Retinal detachment secondary to malignant hypertension is most likely uni-ocular
For a lesion on both sides its most likely more central, something like:
• Central retinal artery occlusion (CRAO): Which is sudden blockage of the main artery supplying blood to the retina, often due to a hypertensive crisis, can cause sudden, profound vision loss in both eyes.
• Retinal vein occlusion (RVO): Elevated blood pressure can lead to the obstruction of the retinal veins, causing swelling, bleeding, and potential vision loss in both eyes.

She most likely has pre-morbids like hypertension and diabetes, with underlying pre-existing retinopathy. My guess is CRAO, it can cause sudden painless bilateral blindness

Are you convinced i read the article now ?

Politics › Re: Jamaica Seeks Nigerian Talent To Fill 400 Key Positions by malali: 4:00am On Feb 27, 2025

budaatum:
A mortgage is obviously not free, since you must pay interest. And no, I don't know a "1 million dollar house costs more than 3 million with mortgage", and I in fact know it doesn't.
The interest rate on a variable mortgage in UK is currently about 7%, the high end. Total payback over 25 years with zero deposit at £7,067.79 a month is £2,120,337.59, which is a million less the $3 million you claim, and that's without a deposit, which is required for a mortgage.
You'd need to be paying £10,018.77 a month at 11.3% interest to get anywhere close to pay back what you think (£3,005,631.90), and the fact you don't know this is likely why mortgages scare you.
The reason you take a mortgage is you can't save up that much quick enough if you are paying a landlord rent at the same time. And the house you are buying with a mortgage will likely appreciate in the time you pay it off and make you much more money.
You may want to calculate mortgage payments here so you are better informed. Note it defaults to the current interest rate of 4.5%.

In USD its 2.6 million at zero down. You will pay taxes,property insurance and maintenance of the property for the life of the mortgage. Mortgage is Neo-slavery. You cant save up fast enough and you will not pay double the price. Do you know that you are just going to work to afford where to sleep ? And when you are done paying the mortgage, your property taxes will be assessed at the estimated value of the house currently which would be at least double what you started with. Even if you decided to sell after 30 years. You will still buy the same house or less, so no real gain in your initial purchase if you account for inflation.
Stop arguing with me, i do this for a living. Mortgage is number one scam in America/UK. There is no scarcity of land to build, its an artificially created scarcity

Politics › Re: The Japa Scam: How The West Profits From African Desperation by malali(op): 3:51am On Feb 27, 2025

Abufo:
This is the reason why I so detest Tinubu's government! What Nigeria needs now is a true nationalist like Obasanjo or even an Atiku will be better.........we do not need a local champion! What Nigeria needs is a leader that can pull a team together from all parts of the country to rebuild our land! so we can produce our way out of poverty!

How can this man call tinubu spend 12 billion dollars on a single road ...when the nation has no electric power! I tire o!

Obasanjo and Atiku are not the solutions to our problems.....The bot had their chances.
Nigeria is still poor Atiku is not !!
Nigeria is still poor Obasanjo is not !!

These guys took good care of themselves.

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 1:56am On Feb 27, 2025

NiceLegs:
You will be shocked that what will heal her completely and she will regain her sight is here in Nigeria and is not even up to N500K.
I have seen it happen so I'm not just talking. Declared blind by the doctors. Now they can see.
But you see rich people like these, they look down on everything and will never believe their healing is around the corner even if u dash them for free.

You are naive, when someone has a billion dollars......They are more worldly than you.
They know all the marabouts, seers, prophets and mallam in the world.
Forget the church she is now making noise in......
With your lean exposure to the world....you want to teach a billionaire the ways of these world........lol

3 Likes

Politics › Re: Jamaica Seeks Nigerian Talent To Fill 400 Key Positions by malali: 10:20pm On Feb 26, 2025

budaatum:
Your figurative was off point, as no one with sense buys a 1m house with cash or their annual salary alone. Even if you have that much in the bank you'd be wise to get a mortgage. Just go ask Elon Musk how he uses credit.

And you think a mortgage is free.
Do you know a 1 million dollar house costs more than 3 million with mortgage ?
Tell me why you want to pay $3 million for a house that only cost $1 million ?

Politics › Re: Jamaica Seeks Nigerian Talent To Fill 400 Key Positions by malali: 8:30pm On Feb 26, 2025

budaatum:
Are you intending to buy your house with your one annual wage or have you just never heard of mortgages?

Seriously, you have no clue of what you talk about and should go educate yourself.

That was figurative.
But its okay.
Not everyone comes online with their sense.

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 1:42pm On Feb 26, 2025*

Christistruth02:
She should go to the Moorfields eye Hospital in London they would treat her successfully

LOL....She is a billionaire
She has already seen the best eye doctors in the world.
Trust me.
Unfortunately there is no eye transplant.
You think if 10 billion dollars can make Babangida walk......he wont be walking
When God wants to show you his power, he will take back some gifts people take for granted.

175 Likes 8 Shares

Business › Re: Folorunso Alakija Loses Sight Completely - Sahara Reporters by malali: 1:33pm On Feb 26, 2025*

For a 60% stake in OML 127

She could easily be making $1.5 Billion dollars a year after paying taxes, royalties and cost of exploration.

At the very least.

If you think she owns it alone,you are probably misguided. She is probably a front.

The government needs to nationalize the asset 100%. Nigerians cannot be starving and JAPA-ing while Alakija pockets $1.5 billion dollars every year. Because Babangida gave her the countries national asset in the 80's.

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Politics › Re: El-Rufai On The Dining Table, Dancing 'Buga' With Tinubu (Throwback Video) by malali: 1:24pm On Feb 26, 2025

mindtricks:
Our beloved president should go first, he will follow suit.

Tinubu made Musa Chief of defense staff from southern Kaduna.

If he goes to southern Kaduna, they will declare a national holiday and even give him a new wife as a present.

1 Like 1 Share

Politics › Re: IBB Never Wanted Abiola As President, He Left Abacha Behind To Do The Job –Sagay by malali: 1:07pm On Feb 26, 2025

Babangida was never comfortable having friends that could look him in the face and call him out.
All the people he was comfortable with were "yes men"........
Even till today.....all the people you see around Babangida are "yes men"

MKO Abiola was nobody's "Yes Man"
He was jovial, nice and respectful....but if the candid truth had to be said, MKO Abiola would say it, regardless of whose ox was gored.

If you notice, Mamman Vatsa was also not a yes man
Dele Giwa was a journalist but not a yes man
Abacha was a loyal soldier but not necessarily a yes man

Babangida did not trust Abacha and he also did not trust MKO Abiola
But he trusted Abacha more....thats why he handed over to Abacha.
IBB had acquired so much stolen wealth, he just wanted to spend it in peace and not in exile.

Politics › Re: Women Group Set For Nationwide Protest Over Alleged Harassment Of Female Senator by malali: 12:52pm On Feb 26, 2025

Women have been marginalized for too long in Nigeria.

Thank God for Asiwaju, that appointed justice kekere Ekun as Chief Justice of the Supreme Court.

There is no reason a woman should not be deputy senate president.

There is no reason a woman should not be deputy speaker, house of representatives.

There is no reason we should not have produced a female governor in 2025.

Women are equally as important as men, If not even more important.

Thats why the likes of Akpabio is fighting a woman like a fellow man. He did it the first time.

Akpabio treats the senate like his personal servants. Thats the danger of godfathers and power-brokers backing a candidate into office. If Akpabio had gone round to beg all the senators to secure their votes one on one. He wont be this rude and callous. Akpabio is acting like,once i do what Tinubu wants, the rest of you dont matter.

1 Like

Politics › Re: El-Rufai On The Dining Table, Dancing 'Buga' With Tinubu (Throwback Video) by malali: 12:28pm On Feb 26, 2025

lereinter:
Campaign for what position

Even if he goes there what will happen to him?

Lolzzzzz 🤣

buhari that imprisoned akande and others, in 2015 didn't they campaign with him

buhari stopped metroline in Lagos, wetin happen in 2015

Abeggi

Calm down.......lol
El-Rufai should go to zangon Kataf and campaign alone.

1 Like 2 Shares

Politics › Re: Nothing Can Stop President Tinubu Re-electiin by malali: 11:16am On Feb 26, 2025

Abacha and Abiola were stopped.

The people that stopped them are not dead.

Foreign Affairs › Re: Ukraine: The Nation That Paid For Its Freedom Twice—and Still Lost by malali(op): 10:51am On Feb 26, 2025

Nahunger:

I used to admire Zelensky but e be like aside wanting to join NATO he has skeletons in his cupboard.

America and Russia played good cop , bad cop with him and stole his entire country.

1 Like

Politics › Re: El-Rufai On The Dining Table, Dancing 'Buga' With Tinubu (Throwback Video) by malali: 10:44am On Feb 26, 2025*

El Rufai should go and campaign in southern kaduna.

Without any security or bodyguard.

He should go in the evening when its starting to get dark.

100 Likes 6 Shares

Politics › Re: The Night Babangida Almost Lost Nigeria| The Gideon Orkar Coup by malali: 10:35am On Feb 26, 2025

SPEECH OF MAJOR GIDEON ORKAR – APRIL 22, 1990

Fellow Nigerian Citizens,

On behalf of the patriotic and well-meaning peoples of the Middle Belt and the southern parts of this country, I, Major Gideon Orkar, wish to happily inform you of the successful ousting of the dictatorial, corrupt, drug-baronish, deceitful, homo-sexually-centered, and evil administration of General Ibrahim Badamasi Babangida.

We have equally commenced their trial for unabated corruption, mismanagement of the nation’s economy, the murders of Dele Giwa, Major-General Mamman Vatsa, and others who were falsely accused of coup plotting, and for perpetuating wanton political assassinations and the rejection of the people’s legitimate demand for a national conference to determine their future.

Ours is a well-conceived, planned, and executed revolution for the marginalised, oppressed, and enslaved peoples of the Middle Belt and the South, with a view to freeing ourselves and our children yet unborn from eternal slavery and colonisation by a clique of this country.

We are not only out to correct the anomalies of the present and past administrations, but to also lay a solid foundation for the stability of this great nation and its advancement.

1 Like 1 Share

Politics › Re: Kemi Badenoch is God's Anointed By Deji Yesufu by malali: 9:17am On Feb 26, 2025

Politics › Re: Plot Against Murtala Muhammed Started From Day 1 —IBB by malali: 9:05am On Feb 26, 2025

Abacha has been dead for a long time.

Not once have we heard IBB advocate for Abiola to be given his presidential entitlements posthumously.

When Abacha was alive, he said he was scared of Abacha.

Are you still scared of Abacha's ghost.

Why havent you spoken up for the Abiola if it was Abacha that was really the problem ?

It was Buhari that honored him post-humously.

Please the Federal Government should name Minna Airport or FUT Minna after Abiola........

8 Likes

Politics › Re: El-Rufai Is Not A Coward Like Ambode, He's A Northerner - Olusegun Warns Tinubu by malali: 8:49am On Feb 26, 2025

See as Ambode collect stray bullet......Sitting at home minding his business

9 Likes 4 Shares

Politics › Structural Adjustment Program (SAP) Ruined Nigeria’s Economy: The Damage. by malali(op): 8:45am On Feb 26, 2025

In the 1980s, Nigeria, like many other African countries, faced an economic crisis. The country was grappling with a decline in oil prices, inflation, and growing debt. It was at this critical juncture that Nigeria, under the leadership of then-President Ibrahim Babangida, adopted the Structural Adjustment Program (SAP) at the advice of the International Monetary Fund (IMF) and the World Bank. The SAP was meant to address the country’s economic problems, but instead, it deepened Nigeria’s struggles and worsened the lives of ordinary Nigerians. Let’s take a look at how this happened and the key actors involved.

What Was SAP?

The Structural Adjustment Program was essentially a set of economic policies designed to stabilize Nigeria’s economy. It focused on liberalizing trade, reducing government spending, devaluing the naira, and promoting export-oriented growth. The idea was that these measures would boost Nigeria’s competitiveness and help repay its growing foreign debt. However, in practice, SAP had devastating effects on the country’s economy and the lives of its people.

The Key Actors and Their Roles

The major actors behind SAP were the Nigerian government, led by military ruler General Ibrahim Babangida, and the international financial institutions – particularly the IMF and the World Bank. These global bodies pushed for the implementation of SAP as a condition for receiving loans, arguing that the measures would ultimately lead to economic growth. However, the IMF and World Bank had their own interests at heart: ensuring that Nigeria’s debts were repaid, often at the expense of the Nigerian people.

Economic Impact: A Ruinous Experiment

When Nigeria adopted SAP in 1986, the country had hopes of recovery. However, instead of prosperity, the program led to widespread economic hardship:
1. Devaluation of the Naira: One of the key aspects of SAP was the devaluation of the Nigerian currency, the naira. This was meant to make Nigerian exports cheaper and more competitive on the global market. In reality, the devaluation led to skyrocketing inflation. Everyday goods became more expensive, making it harder for ordinary Nigerians to afford food, healthcare, and education. The naira lost much of its value against the dollar, and the cost of living soared.
2. Austerity Measures: SAP demanded that the Nigerian government cut public spending. This meant reduced investment in critical sectors like education, healthcare, and infrastructure. The government reduced subsidies on basic goods like fuel, leading to higher transportation costs and making daily life even more difficult for the average Nigerian.
3. Privatization and Economic Liberalization: Another key feature of SAP was the privatization of state-owned enterprises. While the theory behind this was to create a more efficient economy, in practice, it led to the sale of valuable national assets to private individuals, often at below-market prices. Many of these assets ended up in the hands of a few wealthy individuals and foreign investors, exacerbating inequality.
4. Unemployment and Poverty: With the implementation of SAP, the industrial and agricultural sectors took a hit. Factories closed down, and many Nigerians lost their jobs. Rural areas saw a decline in agricultural output as subsidies for farming were cut. The result was an increase in poverty, unemployment, and a general decline in the standard of living for many Nigerians.
5. Debt and Dependency: SAP did little to address Nigeria’s growing foreign debt. The country remained heavily dependent on loans from the IMF and World Bank, and instead of alleviating poverty, these loans deepened Nigeria’s dependency on foreign financial institutions. The cycle of borrowing and repaying debts continued, leaving the country with less control over its own economy.

The Worsening of Daily Life for Ordinary Nigerians

The impact of SAP on the everyday lives of Nigerians cannot be overstated. The austerity measures implemented as part of SAP hit the poor hardest. The cost of basic goods and services increased, while wages remained stagnant or even declined. Many Nigerians found themselves struggling to feed their families and pay for essentials. The education system became increasingly underfunded, with schools suffering from overcrowded classrooms, poor facilities, and a lack of resources. The healthcare system, too, began to deteriorate, with hospitals unable to provide adequate care due to underfunding.

For many Nigerians, SAP represented the end of the dream for a better future. It was a period of economic turmoil that saw the collapse of industries, the decline of agriculture, and a rise in unemployment. The lifestyle of the common Nigerian – the majority of the population – was drastically worsened.

The Legacy of SAP: A Bitter Pill

The SAP experiment left Nigeria with a bitter legacy. While the IMF and World Bank argued that the program would eventually lead to economic growth, the reality was far different. The Nigerian economy became more dependent on oil, while other sectors languished. The country’s industrial base weakened, and the social infrastructure – education, health, and infrastructure – was decimated.

The implementation of SAP did not foster sustainable economic development. Instead, it entrenched inequality and made Nigeria more vulnerable to external economic shocks. The program failed to address the fundamental structural issues in Nigeria’s economy, such as the over-reliance on oil and the lack of diversification.

A Wake-Up Call for current Tinubu's adoption of IMF and World Bank Suggestions

The story of Nigeria’s Structural Adjustment Program is a cautionary tale of how misguided economic policies can harm a nation and its people. While SAP was designed with the best intentions by international institutions, its implementation revealed the dangers of relying on external solutions without understanding the unique challenges faced by Nigeria.

For Nigerians, SAP remains a painful chapter in the country’s history. It was a time when the economy was subjected to an experiment that worsened the lives of the common man. The effects of SAP are still felt today, in the form of high unemployment, poverty, and an over-reliance on oil exports.

The lesson from SAP is clear: Nigeria must chart its own economic path, one that takes into account the realities of its people and its unique circumstances. It is a lesson in the importance of self-determination and critical thinking when it comes to economic policies.

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Politics › Re: The Japa Scam: How The West Profits From African Desperation by malali(op): 8:05am On Feb 26, 2025

Chibuezem:
Wake up from the propaganda
If I have the funds to leave this country, I will.
You know the truth
A medical officer in Nigeria working in a government owned institution earns ₦300,000 while His colleague on Sierra lonne earns ₦1.5million with social amenities and work benefits.
You are here saying japa this japa that.
You've not been in the position of the common man in Nigeria where every single element plus the government is against you.

Are you a medical personnel ? How old are you ?

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Politics › Re: Emotional Blackmail, Go Apologize: Nigerians Blast Natasha Akpoti For Suit by malali: 7:55am On Feb 26, 2025

These ethics committee is fast turning to the tribunals that were trying "alleged" coup plotters during Babangida and Abacha's regime.

Anyone that disagrees with Akpabio has to go to ethics committee

Where is the democracy ?

Having a voice contrary to popular opinion is what makes countries like America great.

Agreeing to disagree is healthy democracy, Trump doesn't get along with Biden or Obama

They might differ on policy but are civil to each other.

Akpabio needs to stop treating other senators like his minions.......They are as much a senator as you are.

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