IBB: Buhari’s trade by barter policy deepened Nigeria’s financial woes

Nigeria’s former military Head of State, Ibrahim Babangida, has blamed the trade by-barter system implemented by his predecessor, Muhammadu Buhari, for worsening the country’s economy.

In his newly released autobiography, A Journey in Service, Babangida detailed the economic hardships that led to the 1985 coup that removed Buhari from power.

“Like most military coups, our leadership change was informed by widespread disquiet among the civil populace,” Babangida wrote.

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“Ordinary people were experiencing severe economic hardship. The general economic and social conditions the people lived under were worsening by the day.”

Babangida, who served as Chief of Army Staff under Buhari’s administration before leading the coup, criticised the regime’s economic policies, particularly the trade by barter system.

“Essential goods and supplies were scarce. Yet arbitrary controls in all aspects of economic life and an ancient resort to barter in international trade meant that the nation’s financial woes would not end soon,” he stated.

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His remarks reflect the dissatisfaction that many Nigerians felt under Buhari’s military rule, which was marked by strict economic policies and trade restrictions.

Babangida’s government, after assuming power, adopted a structural adjustment programme aimed at liberalising the economy.

The book provides an insider’s perspective on the tensions that led to Buhari’s removal, highlighting the economic turmoil and public discontent that shaped Nigeria’s history.

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Babangida’s revelations are expected to reignite debates on the economic policies of past leaders and their long-term effects on Nigeria’s financial stability.