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

BREAKING: House Erupts Over Minority Leader Race as Forgery, $50,000 Bribery Claims Trigger Uproar

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

…Agbese denies endorsing Ugochinyere, demand Probe

By Gloria Ikibah

Tempers flared in the House of Representatives on Thursday as allegations of forgery and claims that some lawmakers received $50,000 each to support the emergence of Rep. Ikenga Imo Ugochinyere as Minority Leader plunged plenary into a chaotic and heated session.

The controversy erupted amid an ongoing battle over the leadership of the minority caucus following the resignation of former Minority Leader, Rep. Kingsley Chinda, whose resignation letter, effective April 23, 2026, was read by Speaker Abbas Tajudeen during Wednesday’s plenary.

Advertisement

The leadership contest has generated intense interest within the opposition bloc. Matters escalated after a list surfaced on Wednesday bearing the names and signatures of 61 out of the 81 minority lawmakers, purportedly endorsing Ugochinyere for the position.

However, the process came under scrutiny on Thursday when Rep. Philip Agbese, representing Ado/Okpokwu/Ogbadibo Federal Constituency of Benue State, raised a matter of personal privilege and alleged that his signature had been forged.

Agbese also referenced reports circulating online alleging that lawmakers who endorsed Ugochinyere were paid $50,000 each, insisting he neither signed the nomination document nor received any money.

He said: “The full dignity and honor of this parliament as a member representing my federal constituency. Mr. Speaker, yesterday at about 6 p.m. my attention was drawn to a document on the internet with my name purportedly nominating a member of this house for the post of minority leader. Mr. Speaker, I recall that before this time in line with our fraternal relationship in this house I had conversed, deliberated and visited many members of this house.

Advertisement

“One of the persons I had such discussions with was my colleague Honorable Ikega Ugochinye. Our discussion was basically centered on the welfare of members of the minority. Number two was on the issue of the executive not adhering to certain issues on our constituency projects.

“The person who signed this document, I have not seen him since December 2025. So I’m at a loss and I feel that my legislative privilege has been breached because this amount to forgery for my signature to be used for purposes which not intended for. Mr. Speaker, I want to seek the leave of this house to probe and investigate and to stop further any use of my signature going further for any of this kind of purpose.

“Mr. Speaker, I also want to pray this Honorable House to stop Honorable Ikega and members of his team or his agents or anybody acting on his behalf from further maligning my name because I recall that in the past this morning I saw on a social media blog that members have received certain amount of money. I have not received any amount of money from anybody. I intend to tender this before the house and to further tender the news link where it was reported that I or other members whose names appear here have collected a sum of 50,000 Naira from any individual.

“I have not received any amount of money from anybody and I will not do so. This is my integrity. Mr. Speaker, this is my prayer before the house.

Advertisement

“I read 50,000 dollars. I will share the screen. I will share it with this house.

“My constituents have been calling me to know and this is not the first time my name is being mentioned in an issue like this so I don’t want to be involved and I don’t want my name to be further maligned as far as this is concerned because I have a right as a member of this house for my privileges to be fully protected and not to be destroyed by any member of this house”.

His remarks immediately heightened tensions in the chamber, with at least three lawmakers backing his call for an investigation and proposing that Ugochinyere be referred to the House Committee on Ethics and Privileges.

The proposal, however, met stiff resistance from Ugochinyere and his supporters, who insisted that he be given an opportunity to respond to the allegations before any action was taken.

Advertisement

As lawmakers traded arguments across the floor, the chamber descended into a shouting match, forcing the House leadership to intervene.

When eventually recognised to speak under personal explanation, Ugochinyere firmly denied the allegations and maintained that Agbese had voluntarily endorsed his nomination.

He said: “By the indulgence of the house and the leave of the distinguished speaker, a member may make a personal explanation. Mr. Speaker, if you permit, my colleague Abese made some weighty allegations before every member here, and today we are on live transmission. Even though you have said you will intervene, it is also important that what he said on live TV needs to also be cleared.

“Mr. Speaker, my brother arrived from Benue late for our meeting, met me in the office, in the presence of some of my colleagues that I will bring forward, and voluntarily, on his own and independently, pledged and signed my nomination for the post of Minority Leader.

Advertisement

“In conclusion, Mr. Speaker, Mr. Speaker, do I have your protection to proceed? Thank you Mr. Speaker, so Mr. Speaker, I subject to your fatherly decision that the matter, but it was important that such a treacherous lie and attempt to defame and blackmail should be vehemently refuted. Our colleagues who were there when he signed will be brought forward before you Mr. Speaker.

“I understand that at the moment, the overwhelming majority of 61 members out of 81 opposition members elected me. It may not go down well with some people, but I never expected that their desperation would get to this level. And also important Mr. Speaker, that those who are now more interested are those who are not even members of the minority.

“But I subject to your decision to rule on this matter as a father, but I must apply that people in seeking alternative options must apply decorum and abide by what is decent because this is outrageous and unacceptable”.

No sooner had Ugochinyere made the claim than Agbese rose in protest.

Advertisement

“No! I never did that! I never did that! No! Mr. Speaker, I never did that! No! I never did that! I never did that!” he shouted across the chamber.

Seeking to calm the situation, Rep. Awaji-Inombek Abiante argued that discussions relating to the election of a Minority Leader were premature and should not form part of the official records of the House.

He said: “I appreciate your efforts at enhancing peace amongst us and taking us to a preferred and probably more horrible destination, I want to put it on record that whatever has been said relative to electing a minority leader should be expunged from the records of this house because it is not before us.

“It is not before you. It should be expunged. We didn’t hear, we didn’t hear that from him.

Advertisement

“Members of the minority will come before all of us and we will know who the leader would be. So whatever he has said is just his personal opinion and it should never be anywhere in the records of this house”.

With the atmosphere becoming increasingly charged, Speaker Abbas Tajudeen stepped in and announced a closed-door meeting with all minority lawmakers in a bid to resolve the crisis.

“Your observations and complaints are duly noted. We will take action on the issue you have raised in due course. However, I want to again bring to the attention of all minorities that I’m inviting every minority member of this house to a closed door meeting today two o’clock so that we can discuss further.

“I don’t want us to further debate on this matter on the floor. It’s something within the family for us to discuss and take decision appropriately. So yours is noted and we’ll take action in due course.

Advertisement

“Please, honorable colleagues, let us not overheat this issue. We already have a meeting for 2 o’clock. Let us leave everything there”, Abbas said.

The latest confrontation follows Ugochinyere’s announcement that 61 of the 81 minority lawmakers had endorsed him as Minority Leader-designate and submitted his nomination to Speaker Abbas Tajudeen for formal recognition.

With the opposition caucus yet to reach a consensus on its leadership structure, Thursday’s dramatic exchanges have exposed deep divisions within the minority bloc and set the stage for an intense political battle in the days ahead.

Advertisement
Continue Reading

News

Video: FCT minister Wike embarks on final inspection of Kuje airport road

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

The Federal Capital Territory FCT minister Nyesom Wike on Thursday embarked on final inspection of Kuje airport road before commissioning.

Watch:

Continue Reading

News

Oyo Assembly Rejects Negotiation With Ogbomoso school children abductors

Published

on

ADVERTISEMENT
Zoom Ad
ADVERTISEMENT
Zoom Ad

Members of the Oyo State House of Assembly have rejected calls for the state government to negotiate with kidnappers over the rescue of pupils and teachers abducted in Ogbomoso.

The lawmakers said the focus should be on intensified rescue operations, intelligence-led security action and sustained pressure on the abductors until the victims are freed.

Speaking during plenary on Wednesday, the Speaker of the Assembly, Adebo Ogundoyin, warned that negotiating with kidnappers could encourage further attacks and strengthen criminal networks.

He said although the families of the victims were going through painful moments, residents should continue to support the efforts of security agencies and the state government.

Advertisement

According to him, engaging armed groups could send the wrong signal and worsen the security situation.

The lawmakers’ position followed the May 15 attack on three schools in Oriire Local Government Area, where suspected bandits abducted about 39 pupils and seven teachers.

The crisis deepened after one of the abducted teachers, Michael Oyedokun, was killed by the abductors.

In a recent video, Rachael Alamu, principal of Community High School, Esiele, who is among the abductees, pleaded for urgent intervention after the kidnappers reportedly threatened to kill another victim.

Advertisement

The House urged the Ministry of Education, Science and Technology and the Oyo State Universal Basic Education Board to immediately assess schools located near forests and border communities.

The lawmakers called for solar-powered lighting, perimeter fencing, surveillance cameras and a comprehensive emergency response framework for high-risk schools.

The Assembly also mandated its Committee on Security and Strategy to visit Oriire Local Government Area for an on-the-spot assessment and recommend urgent legislative action.

The resolution followed a motion of urgent public importance moved by Johnson Ogundele, lawmaker representing Oriire State Constituency.

Advertisement

Ogundele said Oriire had suffered repeated attacks since January, including an assault on the National Park Service office in Oloka village, where five forest guards were killed.

The lawmaker commended Governor Seyi Makinde for deploying security operatives and visiting affected communities.

He, however, urged the government to increase support for security agencies and consider establishing a permanent military presence around vulnerable communities and forest corridors.

Majority Leader Sanjo Adedoyin, who seconded the motion, also called on the Federal Government to accelerate plans for state police.

Advertisement

The debate came amid growing concern over insecurity in Oyo State, including Wednesday’s abduction of Olaide John-Paul, younger sister of former Minister of Power Adebayo Adelabu, and her twin sons in Ibadan.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News