President Muhammadu Buhari on Friday revealed that the Structural Adjustment Programme, SAP, by onetime military President, Ibrahim Badamosi Babagida, IBB, killed the naira. Speaking with the BBC, Buhari traced the origin of some of the problems facing the country’s currency to IBB’s regime. IBB had in 1986 and 1988 instituted SAP which is said to have been responsible for the downward trend of the naira.
“I went through the devalue in 1984, its SAP that killed the naira, I have asked the Governor of Central Bank and others to sit and see if they can convince me to murder the naira,” Buhari said.
IBB had in 1986 and 1988 instituted SAP which is said to have been responsible for the downward trend of the naira. SAP is a loan provided by the International Monetary Fund, IMF, and the World Bank to countries facing economic turmoil.