Adopted July 1986 after the IMF loan referendum, SAP introduced the Second-Tier Foreign Exchange Market (SFEM) which devalued the naira from ₦1 = $1 to ₦4 = $1 within a year. Federal recurrent expenditure fell from ₦16.2bn (1986) to ₦15.6bn (1988) in nominal terms.
SAP1986· Babangida· Chapter I · Money
Structural Adjustment Programme budgets
Naira devaluation, removal of marketing boards, trade liberalisation. Federal spending falls in real terms.
Sources
- · CBN Annual Report 1986–88
- · Federal Government Budget Speeches (1986, 1987, 1988)
What it cost — political & economic reality
The political and economic reality
Nigeria in 1986: who was in charge, the cabinet of the day, the GDP, and the crises that defined the period.
Military President
Gen. Ibrahim Babangida
1985–1993
National reality
Structural Adjustment Programme from 1986 — devaluation of the naira, deregulation, austerity that has, in real terms, never been recovered. Dele Giwa murdered by parcel bomb (1986). Annulled the 12 June 1993 election.
Crises of the period
- SAP 1986
- Dele Giwa assassination (1986)
- Orkar coup attempt (1990)
- Annulment of June 12, 1993
GDP (World Bank)
$30 bn (1985) → $15 bn (1993, post-SAP devaluation)
Cabinet (selected portfolios)
- Education
Prof. A. Babs Fafunwa (1990–92)
- Finance
Chu Okongwu; Olu Falae; Kalu Idika Kalu
Source: Federal Military Government Gazette 1985–93; CBN
Methodology
Tier 1 · primary
Courts. Gazettes. National archives.
Tier 2 · corroborating
OCCRP. HRW. BudgIT. TheCable.
Redline
Wikipedia is never a source.