Kebbi Governor Abubakar Bagudu has argued former Military President General Sani Abacha, achieved a lot for the country with little resources.
According to him, unlike today where the country’s reserve runs into billions and trillions, the former military President ruled at a time when Nigeria’s reserve was less than $750 million.
Despite this, he said Abacha worked so much in stabilising the economy, ensured steady exchange rate and security in the sub-region by funding Economic Community of West African States Monitoring Group (ECOMOG).
He spoke on Saturday in Abuja at the 2nd General Sani Abacha Colloquium, organised by the Centre for Political Research, Education and Development (CEPORED)
Bagudu said the late Military President achieved this through the use of home grown solutions.
Bagudu said the negative perception of the former President was mainly instigated by the west who were not comfortable with his policies of developing the country through home-grown efforts.
Bagudu said Abacha was a patriotic and courageous Nigerian who wanted the best for the country.
“By training, family background and zeal, he (Abacha) had a clear appreciation that each country is unique in its own way. There is no book that would tell you of how to grow your country like others have.
“He believed that despite Nigeria’s uniqueness, the country was part of a regional economic arrangement, the ECOMOG and Gen. Abacha were vigilantes about what was happening in the sub-region as well as Nigeria.
” He was foresighted in appreciating that security challenges elsewhere in Africa, particularly in the sub-region which would one day be security challenge in Nigeria if they are not handled which explains his enthusiastic support and funding for the ECOMOG and many West African countries.
“Sometimes leaders in addition to risk taking also encourage society by being courageous. To say Gen. Abacha was courageous is an understatement because on numerous occasions, aware of the dangers of his policies, he would still convince his ministers to do it. He was so patriotic, believed in Nigeria and believed that even if he lost his life in the service of Nigeria, so be it and indeed he lost his life in the service of Nigeria.
“But what went wrong? Why is it that Gen. Abacha is being misrepresented in history? This is very agonising for his family and all of us. Well it is because sometimes home grown solutions involve risk taking because you are exposing yourself to the judgement of others whom are competitors.
“Countries that are amazed at how much you are able to do with so little are eager to criticise, rivals who are influenced by other interests are eager to say you have done wrong or not done well.
“Our father is not alone in history among great men who have seen history being attempted to turn the tide wrongly against them but one has to draw inspiration from the experience.
“I want us to take solace in the fact that General Abacha gave his best to Nigeria and it was remarkable with little resources but he was able to stabilize the economy, reserves was less than $750 million and yet the exchange rate was steady. The military was functioning properly and the sub-region benefited from Nigeria.
The former Minister of Finance, who served under Abacha’s regime, Chief Anthony Ani, said they achieved economic success through the home-grown template.
He said: “As the former Minister of Finance who served under him, I can authoritatively talk about his economic successes with our home-grown template which our current distorted history cannot take away from him.
” In November 1993 when the Interim National Government (ING) was declared illegal, and Nigerians begged Abacha to take over and run the government, we found out that the country was running at an inflation rate of 87 per cent, there was a negative growth rate of -1.5 per cent, the country was in recession, the oil price was US $18 per barrel, the interest rates hovered around 25 per cent, exchange rate volatility leading to severe instability, our external reserve US $750 million barely sufficient for two weeks import.
“We were operating dedicated account system where we give crude oil for imports and services at a fixed amount, where the oil price was below this amount Nigeria will refund the difference but where the oil price exceeded the fixed amount the importer will retain the difference.
“We were running on huge budget deficit of about 8.5 per cent GDP. This would have risen to about 25 per cent if the mistakes we subsequently discovered were taken into consideration.
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“There was also a debt overhang of US $30 billion. We also observed import duties (7 per cent) levy was not paid to the treasury. There was inherent corruption in the Exchange Control Department where every remittance from Nigeria had to receive Exchange Control approval. With all these problems identified, we knew that we had a lot of mess to be cleansed in our country.
“Our very vibrant press deserves a pat on the back for excellently creating a smokescreen over the period in government of this fallen hero, who is not even deservedly allowed to rest in peace. May his soul rest in perfect peace and we wish the family, happy post humus 79th birthday.
“Five years later in 1998 with strict financial discipline, we were able to maintain stable exchange rate of ₦82 to US $1 throughout, and the Naira was internally convertible. We were out of recession within six months. Our external reserves went up to US $7.7 billion including Excess Crude Account of about US $3 billion. Inflation rate was reduced to 6.5 per cent. Interest rate stabilised at 16 per cent. There was free flow of Diaspora remittances.
“We established Petroleum Trust Fund (PTF). We established the Family Economic Advancement Programme (FEAP). We established Excess Crude Account. There were jobs, jobs and jobs through Petroleum Trust Fund (PTF) and Family Economic Advancement Programme (FEAP).
,”We balanced our budgets and had surpluses. We did not borrow internally or externally. Nigeria Trust Fund was established. 13% Derivation was introduced. We provided funds (about US $500 million) for the completion of Ajaokuta Steel Project.
Former Minister of Justice, Kanu Agabi, who was the keynote speaker said it was unfortunate the country was losing its culture to Western influences.
He said the only way the country would move forward is if it looks inward to get solutions to its problems.
He said Nigeria cannot get the solution to its problems abroad.
He suggested that the country shut its borders to focus on developing the potentials its has within.
He said relying on other countries has put the country in bondage.
Former Chief Security Officer to Abacha, Major Hamza Al-Mustapha, also described the former military man as a patriotic Nigerian.
He said Abacha believed strongly in love for God and Country.
He said it was unfortunate that the proper history about the kind of man Abacha truly was distorted.
He said foreign influences working with certain Nigerians fought Abacha and refused to eulogized him for his efforts and having history properly documented.