1. @ScarTissue101 ,you can't re-write issues.
By 1983,the politicians of the ruling NPN had squandered the over 12billion foriegn reserve handed over to in 1979 by OBJ.
Nigeria couldn't meet up her obligations on import, contractual international payments ,Letter of Credit etc
By 1983,the politicians of the ruling NPN had squandered the over 12billion foriegn reserve handed over to in 1979 by OBJ.
Nigeria couldn't meet up her obligations on import, contractual international payments ,Letter of Credit etc
2. Austerity measures was already in place by 1982.
Buhari came in 1983, introducing cuts,refused IMF loans, one of the condition(s) is devaluation of our currency a component in the introduction of Structural Adjustment Program (SAP).
He scrapped the import license regime of NPN
Buhari came in 1983, introducing cuts,refused IMF loans, one of the condition(s) is devaluation of our currency a component in the introduction of Structural Adjustment Program (SAP).
He scrapped the import license regime of NPN
3. And introduced a system whereby we pay for import of essential needs of Nigerians with our crude oil,since it's sold in the international market in $ and insisted on G2G transactions in 1983-1985.
Nigeria was not producing anything,so why devalue your currency ?
Nigeria was not producing anything,so why devalue your currency ?
4. The only item we produce and export to the world,crude oil is calculated in $, so does it make sense?
But IBB in trying to allow the West accept him,mislead Nigerians with the "IMF Debate" of YES/NO.
While debate was on,went behind and collected the Loan and introduced SAP.
But IBB in trying to allow the West accept him,mislead Nigerians with the "IMF Debate" of YES/NO.
While debate was on,went behind and collected the Loan and introduced SAP.
5. Can you please point to one country that has succeeded with IMF Structural Adjustment Program policy?
Erroconomist almost killed Buhari & Kemi Adeosun when they stood their grounds on IMF /World Bank pills.
Go check the situation of Egypt and Argentina
ft.com/content/e6f5c4…
Erroconomist almost killed Buhari & Kemi Adeosun when they stood their grounds on IMF /World Bank pills.
Go check the situation of Egypt and Argentina
ft.com/content/e6f5c4…
**$6b ****
