In what seems to have become a pattern with this government to blame previous leaders and administrations, President Muhammadu Buhari on Friday placed the blame for the poor state of the Naira on the Structural Adjustment Programme (SAP), of former military President, Ibrahim Badamosi Babagida, IBB.
Speaking with the BBC on the sideline of his visit to London, the Nigerian president said the origin of some of the problems facing the country’s currency could be traced to IBB’s regime.
“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 initiated SAP which is said to have been responsible for the sliding drift of the naira.
SAP is a loan provided by the International Monetary Fund, IMF, and the World Bank to countries facing economic downturn.