Osita Okechukwu the Director General of the Voice of Nigeria says Nigeria’s under development begun with SAP
OpenLife Nigeria reports that in the comity of public affairs analysts, who have, at various times, pointed out the genesis of Nigeria’s under development in various spheres, Osita Okechukwu, the Director General of the Voice of Nigeria has zeroed in on Chief Olu Falae as the man who designed Nigeria’s under development.
He pointed out during a live chat on Arise TV that the Structural Adjustment Programme, SAP, introduced by Chief Olu Falae during Ibrahim Babangida’s military administration, “left Nigeria prostrate” from which it has not recovered till date.
Structural Adjustment Programmes, SAP, was an economic policies for developing countries, promoted by the World Bank and International Monetary Fund, IMF, since the early 1980s by the provision of loans conditional on the adoption of such policies.
Falae who was a star in the Federal Civil Service where he rose to become a permanent secretary at 39, introduced the policy which was adopted by the Babangida’s government in line with disproportionate cutting of social spending to achieve the cardinal objectives of exchange rate stability, minimal price escalation and trade balance adjustment.
“There is no private sector in Nigeria. What we have is a primitive economy,” said Okechukwu who added that the then IMF induced policy which was adopted by Chief Olu Falae is squarly responsible for the countr’s economic misdirection which it has not recovered from till date.
“Banks are making profits but industries are not being funded. Borrowing at 27 percent interest rate is killing,” the VON Director General further lamented even when he could not justify the reason the All Progressives Congress, APC, where he is a chieftain has not been able to manage and reinvent the economy after several years of dislodging the People Democratic Party, PDP, from office.
The Director General however assured that President Buhari’s initiative are well planned and systematically implemented for economic rebounds.
Osita Okechukwu hails from Eke, in Udi Local Council of Enugu State. He was the APC south-east geopolitical zone spokesperson at a time which was largely responsible for driving APC’s presence to the consciousness of the people in South East who are currently pre occupied with agitation for a 2023 Nigeria’s President of Ndigbo stock which the Voice of Nigeria’s helmsman subscribes 100 percent.