2 A military coup was launched.The newly established Buhari-Idiabon regime was clearly unwilling to do business with the IMF. Buhari envisaged barter, direct counter trade with Brazil and other Third World economies and other innovations as an option
3 A pro-IMF coup was staged by Ibrahim Babangida, endorsing the draconian conditionalities.
4 Street protests, Indonesian-style, engulfed the nation. Many died. Students were killed.
5 But Babangida got the sanction of the IMF and new bailout loans.
6 Riots continued. Democratic opposition was silenced and their leaders jailed indefinitely, 1994
7 BUT Babangida went laughing to the Swiss banks
8 Eventually another military heavyweight, seized the baton in a new coup d’etat and a new wave of riots and imprisonment continued : A “gentleman”s” agreement?
9 General Abacha aimed at becoming a new civilian president, 1998
10 The US administration endorsed the plan. His death in June 1998 buried this project and many gave a sigh of relief.
11 Needless to say that the removal of subsidy on health and education continued.The Nigerian education system continued to crumble under the weight of IMF conditionalities
12 Babangida stayed in the background and continued to enjoy a multi-billion fortune.
General Abdulsalam Abubakar, a new military leader promised to initiate democratization processes and return the trigger-happy soldiers to the barracks in free and open elections.This he apparently did. In 1999 and 2003 respectively, Olusegun Obasanjo, a former head of state and military leader won the Presidential election. We shall comment on the new developments from time to time.
Related: NewsRescue- How The IMF-World Bank and Structural Adjustment Program(SAP) Destroyed Africa
Consequences of IMF and SAP regulations
- Forced devaluation
- Forced privatization
- A free fall in the value of the domestic currency
- Lower purchasing power
- A fall in the standard of living
- Unemployment and retrenchment of workers
- Inflation and the phenomenon of rising prices
- Food riots and social unrest
- Challenges to trade unions and labor
- Substantial challenges to human rights organizations
- Increased mortality because of the compulsory removal of subsidies on health
- Declines in school attendance along gender lines
- Challenges towards democratic governance
- The rise and/or consolidation of military dictatorships
- De-industrialization as the economies are inundated with cheap foreign products
- Reduction in the number of nationals owning industries due to privatization and an invasion of foreign capitalists
- Intensified unequal development amongst ethnic groups
- Ethnic tension
- Transfer of as much as 40% of the domestic budget in debt repayment to the creditors/bankers of Euro-America
- De facto loss of sovereignty
- The feminization of poverty
- Child Labor- reluctantly sanctioned by impoverished/”SAPPED” parents who depend on the child’s meager supplement to make ends meet.
- The proliferation of terrorist organizations, armed conflict or/and resistance movements- with recruits from the expanding army of the unemployed