‘How I spent $12.4bn Gulf War oil funds despite claims of Okigbo’ IBB

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  • Former military President Ibrahim Babangida stated that his administration used Nigerias $12.4 billion oil windfall for infrastructure projects and economic stability rather than misappropriating funds
  • He attributed Nigerias economic struggles to excessive public spending and introduced the Structural Adjustment Programme (SAP) to reduce oil dependence, control inflation, and stabilize the economy
  • Babangida dismissed allegations of mismanagement, insisting that governance requires prioritizing spending and arguing that funds were used responsibly despite public criticism

Former Nigerian military president Ibrahim Babangida explains how $12.4bn Gulf War Oil Funds were spent.
Photo credit: @General_IbbroSource: UGCWhat I have done is not unusual in this country. Somebody did it before me, but I wont mention names.We undertook the construction of various ports and other projects, including bridges,” Babangida stated.If all we could spend between 1988 and 1994 was $12.4 billion, that is very good, he argued.Reflections from Babangidas AutobiographyThe Structural Adjustment Programme and Economic ReformAccusations of corruption overshadowed the heady days of our nations oil boom, he wrote.Controversy Over the Dedicated AccountPeople believed that we shared some kind of booty. I didnt start Ajaokuta, for example, but by the time I took over, $4 billion had been sunk into it. Having invested so much, it would have been unfair to let it waste away, he argued.Once you run a government, you dont put money in the bank. Pius (Okigbo), Im happy, did not say somebody stole that money, he said.Legacy of Nigerias Oil WealthBabangida breaks silence on $12.4B oil windfallinsists funds were used for national projects, not misappropriation.
Photo credit: @General_IbbroSource: Getty ImagesPublic sector expenditures expanded rapidly without adequate attention to the sustainability of government revenue, he noted.Babangida speaks on death of Dele Giwa

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