Tuesday, 12 January 2016

How The Military Saved N1.3 Billion In One Month In 1984, Tunde Idiagbon Explained

In February 1984, the Nigerian military government was able to save as much as N1.3 billion in just one month. The following article reported the savings: ‘The Federal Military Government saved N1.3 billion in the Federation Account as at the end
of January, 1984.

This was made known by Brigadier Tunde Idiagbon, Chief of Staff, Supreme Headquarters while addressing the staff of the Nigerian Embassy and representative of the Nigerian Students Union on Tuesday in Moscow, USSR.

  He told them that the state of the federation account before the military took over was in the region of N800 million to N850 million monthly. That the present military regime was able to achieve that figure he went on, showed that the present military administration was poised to revamp the economy.

On the devaluation of the Nigerian currency to facilitate the IMF loan as being pressed by western powers, he stressed that such conditions were in bad faith and unacceptable to Nigeria.

Nigeria must not mortgage her economy in the name of loan, the chief of staff declared. On education, Brigadier Idiagbon emphasized that a committee of experts had been set up to examine the issue with a view to harmonizing a uniform standard of education in the country. According to him such a policy would create a situation whereby a child could go to school in the states other than his/her state without any disparity.

Speaking on foreign scholarship, he announced that the Federal Military Government had taken a decision to abolish such future ventures. He asserted that scholarship could only be given to Nigerian students on specialized courses that were not tenable in the Nigerian Universities. On what would be the fate of the present scholarship holders either from the federal or state government in the federation, he affirmed that they will continue to enjoy the scholarship till they finish their first-degree courses. Brigadier Idiagbon contended that Nigerians who have money could send their children to overseas courses from their private pockets but pointed out that the government would not give such people foreign exchange. He urged Nigerians to patronize Nigerian universities saying that ‘After all, we have enough universities.’


Richard Amayo, National Observer, Volume XVI, No. 4,674, Friday, February 17, 1984.

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