President Muhammadu Buhari has said the Structural Adjustment Programme (SAP) which was initiated by former military president Ibrahim Badamosi Babangida, between 1986 and 1988 killed the naira.
Speaking during an interactive session with BBC, Buhari recalled that the introduction of the SAP was the origin of the problem facing the naira today .
LEADERSHIP recalls that Structural adjustment programmes (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experienced economic crises.
He said,” I went through devalue in 1984…it’s SAP that killed the naira. I have asked governor of central bank and others to sit and see if they can convince me to murder the naira. It’s disgraceful that Nigeria imports toothpicks, rice and tomato purée.”
He lamented that most of young people in the country today could not get jobs, adding that’s one of the biggest challenges administration was facing.
