Connect with us

News

Why Nigeria’s Economy Fell Apart in 1986 — Falae

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

HRM Oluyemi Falae (CFR), former Secretary to the Government of the Federation and ex-Minister of Finance, has defended his involvement in Nigeria’s Structural Adjustment Programme (SAP), describing it as the least damaging solution available to rescue the country from a crushing debt burden in the mid-1980s.

Speaking in an interview with ARISE News on Thursday, Falae pushed back against claims that he authored or introduced SAP, clarifying that the policy was already adopted before he assumed office under General Ibrahim Babangida’s regime.

“I was appointed Secretary to the Federal Government on January 29, 1986. Six weeks earlier, Babangida had already announced the adoption of a domestic structural adjustment program. It was a standing government policy before I came in. I neither initiated it nor recommended it,” he said.

Falae explained that SAP was a reaction to Nigeria’s rapidly deteriorating economy, which he attributed to excessive import licensing and poor foreign exchange management during President Shehu Shagari’s tenure. According to him, the administration left behind trade arrears estimated at $30 billion.

Advertisement

“We were heavily indebted and couldn’t dictate terms to the international creditors. They had us by the throat. If we didn’t reach a deal, Nigeria would have been cut off from global trade,” he added. “So yes, it wasn’t ideal — but it was the least harmful of all bad choices.”

Responding to criticisms that SAP ushered in long-term hardship, Falae maintained that during his time in government, the program produced initial economic stability and reforms.

“When I left government in 1990, the naira was at ₦5.50 to the dollar — a stable rate after three years of SAP. It was only after my exit that the naira began its freefall to ₦32, ₦48, ₦100 and beyond,” he said.

He highlighted some key benefits of the SAP era, including agricultural marketing reform and the creation of domiciliary accounts, which he claimed now hold an estimated $35 billion in Nigerian banks.

Advertisement

“The reforms helped farmers by liberalizing marketing boards, and the domiciliary account system allowed Nigerians to keep foreign exchange legally and securely.”

Asked about how SAP compares to the current economic reforms under President Bola Tinubu, such as forex liberalization and subsidy removal, Falae stressed the importance of balanced economic management.

“Our problem has always been abuse. You can’t let blind market forces run the economy, but you also can’t shut them out completely. The wise approach is a balance between market mechanisms and government regulation.”

He concluded by noting that the SAP during his tenure was cautiously implemented, avoiding the rampant inflation and devaluation that followed in later years.

Advertisement

“When I was in government, we tried to strike that balance. It worked, in my opinion. But I can’t speak for what happened after I left.”

Continue Reading
Advertisement
Click to comment

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49

You must be logged in to post a comment Login

Leave a Reply

News

Rep Chinda, others make INEC list as gubernatorial candidates for Rivers

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Independent National Electoral Commission (INEC) has published the credentials and other particulars of all the governorship and House of Assembly candidates submitted to the commission by their various political parties for the forthcoming general elections.

A scrutiny of the Form EC-9 containing the credentials and pasted at the commission’s office along Aba Road, Port Harcourt, showed that 19 governorship candidates had been accepted by INEC to contest the Rivers election.

The names of the candidates, their ages, political parties, their educational backgrounds and other credentials were displayed at the commission’s office.

Also published in the forms were the deputy governorship candidates of each party apart from those of the Nigerian Democratic Congress (NDC) and the Boot Party (BP) whose forms EC-9 could not be seen where others were displayed.

Advertisement

Rep Ogundu Kingsley Chinda, the APC flag bearer, Lulu-Briggs Dumo Owukor, the candidate of the NDC while the African Democratic Congress (ADC) and his running mate were listed as Gabriel Pidomson and Okumgba David Amapakaye.

Other governorship candidates and their running mates are the PDP, Ejekwu Samuel Soni and Ehuwa Kabaka; Accord, Chibuzor Rani and Davies Ikubogh; APP, Tata Kenneth and Dappa Kelvin; ADP, Lawson Angel and Azunwena Regina; BP, Benjamin Oli, no deputy; DLA, Warighani Zebulum and Joseph Udo; NRM, Minaibim Harry and Iwedi Ogonda Ada; SDP, Azimiku Gidiom and Ogochukwu Hekerem; PRP, Kiegha Nature Dumale and Membere Deborah.

Others are ZLP, Harry Victor Godwin and Agumba Nnamdi; APGA, Obu Omangima and John-Woke Geraldine; AAC, West Ivy and Eletuo Ijendu; AA, Eke Benjamin Israel and Awortu Charles; NNPP, Abiye Georgewell and Gbimadee Raymond; YPP, Johnbull Obrasu and Taagaloobari Celestine; APM, Whyte Churchill and Bardom Zaavalo.

INEC also displayed the forms EC-9 of the House of Assembly candidates for the 2027 general elections with few parties fielding candidates for all 32 state constituencies in Rivers.

Advertisement

While the PDP, the NDC and ADC produced candidates for all the constituencies, other parties such as AA had 29; APP, 29; NRM, 15; ZLP, 20; BP, 3; AAC, 1; LP, 13; YPP, 26; PRP, 13; DLA, 20; SDP, 31; ADP, 14 among others. (The Nation)

Continue Reading

News

Shettima arrives in Luanda for AU summit

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Vice President Kashim Shettima on Saturday evening arrived in Luanda, the capital of Angola, for the 21st Ordinary Session of the Assembly of Heads of State and Government of the African Union.

The summit is taking place between August 29 and 30, 2026.

Senator Shettima, who arrived at 4th February International Airport, Luanda, at about 4: 45 pm local time, was received by the country’s Deputy Minister of Foreign Affairs, Esmeralda Medonca and other senior government officials.

The Nigerian officials who welcomed the Vice President were the Minister of Foreign Affairs, Amb. Bianca Odumegwu Ojukwu, Minister of Defence, Gen. Christopher Musa (retd), the Nigerian Charge d’Affaires, Amb. Mazy Ogbede, Minister of Interior, Mr. Tunji Ojo, Minister of Regional Development, Abubakar Momoh, Attorney General of the Federation and Minister of Justice, Lateef Fag emi, SAN, Chairman and CEO, Nigeria Diaspora Commission, Mrs Abike Dabrri-Erewa, among other government officials.

Advertisement

The 21st Ordinary Session of the Assembly of Heads of State and Government of the African Union with the theme: “Strengthening Mechanisms for Conflict Prevention and Resolution in Africa,” is aimed at deepening dialogue among member states and reinforcing African responses to peace and security challenges.

Upon arrival, Vice President Shettima, who is representing President Bola Tinubu at the Summit, received a briefing from the Minister of Foreign Affairs, Ambassador Bianca Ojukwu and other experts from the Nigerian Embassy.

As part of the preparations of the 26th Extraordinary Session of the African Union Executive Council, foreign ministers and experts in foreign relations held a meeting earlier on Saturday.

The Executive Council provides a platform for political consultations among AU member states on conflict prevention and the promotion of peace and stability.

Advertisement

The Angolan Summit is expected to provide an opportunity to assess the effectiveness of existing instruments and to discuss more coordinated responses to conflicts on the continent.

Continue Reading

News

Friend tricked me into kidney removal, spent payment on gadgets — Victim

Published

on

By

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

A young Nigerian, Samuel Ezekiel, has narrated how his friend allegedly deceived him into undergoing kidney removal and later spent part of the money he received on electronic gadgets.

Ezekiel made the disclosure while speaking to journalists during the parade of suspects linked to an alleged organ-harvesting syndicate operating in Abuja and Nasarawa State.

According to him, his friend, Emmanuel Odeh, initially told him they were going to a hospital, and he followed because he trusted him.

“It’s my friend that deceived me. His name is Emmanuel Udeh,” Ezekiel said.

Advertisement

He explained that Odeh later connected him with another man, David, who took him to an agent identified as Ben for medical tests.

Ezekiel said his first test did not match the intended kidney recipient, but the agent later informed him that another recipient had been found and that his kidney was a match.

He alleged that he was subsequently told to assume the name “Hassan Abubakar” and was taken to the Federal High Court, where an affidavit was prepared before they proceeded to Wellington Hospital in Life Camp, Abuja.

“Then he now said that they are going to change my name, that I will be bearing Hassan Abubakar,” he said.

Advertisement

Ezekiel said documents were signed at the hospital before he was taken into the theatre. He added that he was given money in dollars around 10pm or 11pm before the procedure.

He said he handed the money to Odeh for safekeeping before entering the theatre.

“After they give us the money, then when I wanted to enter the theatre, I gave Emmanuel the money to hold it,” he said.

However, Ezekiel alleged that when he came out of the theatre, Odeh had exchanged the money and used part of it to purchase two phones, two power banks and two Wi-Fi devices.

Advertisement

“He bought two phones, two power banks, and two Wi-Fi. Then he now gave me one and held one,” he said.

The victim said he remained at the hospital for about a week before being discharged and taken by Odeh to a hotel, where they spent two days.

He said they later travelled to Cross River State and stayed there for about three months.

According to Ezekiel, when he eventually asked Odeh about the money he had received, his friend told him it had been spent.

Advertisement

He added that Odeh later claimed they had no money for transportation back to Abuja and sold his phone to raise the fare.

Ezekiel said he knew a kidney-related procedure was involved but claimed that Odeh reassured him that it would not negatively affect his health.

“He just told me that it’s something that they will just convert it, that there’s not any issue in there,” he said.

He confirmed that he consented to the procedure, which he said took place at Wellington Hospital on April 24. He recalled receiving several $100 notes and a $50 note but said he could not state the exact amount.

Advertisement

The allegations emerged as the Nigeria Police Force intensified its investigation into an alleged organ-harvesting network operating in Abuja and Nasarawa.

The police on Friday paraded several suspects, including two doctors and alleged recruiters, following a sting operation in the Auta Balefi area of Karu Local Government Area, Nasarawa State.

Those paraded included Dr Benjamin Oyime, a nephrologist and consultant to Wellington Hospital; Dr Daniel Otukpa, also a nephrologist and Acting Director of Clinical Services at the hospital; David Idoko; and Odeh.

The police alleged that the syndicate targeted vulnerable young people and facilitated illegal kidney removals using forged documents and false representations.

Advertisement

The Force said investigations were ongoing to apprehend other members of the alleged network.

The case became public after activist Martins Otse, popularly known as VeryDarkMan, said a young man approached his NGO with medical evidence indicating that his left kidney was missing.

The police subsequently commenced investigations, leading to the arrest and parade of the suspects.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News