The Structural Adjustment Programme was introduced by the?

A. Babangida regime
B. Abacha regime
C. Murtala/Obasanjo regime
D. Buhari regime

Correct Answer:

Option A – Babangida regime

Explanation

The Structural Adjustment Programme was introduced by the Babangida Regime.

The aim was to revamp the ailing economy of Nigeria.

The Structural Adjustment Programme (SAP) came into effect on Friday, 27th June 1986. That was after Nigeria declared a state of economic emergency in October 1985.

Implementation of SAP:

Some of the ways are as follows:

1. Devaluation of naira.
2. Privatization of Government enterprises
3. Rescheduling of external debts
4. Establishment of the National Directorate of Employment (NDE) and the Directorate of Foods, Roads and Rural Infrastructure (DFRRI)
5. Withdrawal of subsidies from petroleum products
6. Promotion of domestic production of goods
7. Deregulation of interest rates
8. Export Promotion
9. Civil Service Reforms

Aims and Objectives of SAP

1. Reduction of oil-dependency
2. Reduce Imports
3. Diversify the productive base
4. Reduce the burden on debt
5. Foster non-inflationary growth
6. To secure a more realistic exchange rate for naira
7. To increase employment opportunities.