1998–1999 · Military
Abdulsalami Abubakar
A short handover government: fix a few prices and leave.
Scorecard
Too short to score Military: took power unconstitutionally
Military government. Took power unconstitutionally; political rights are not scored here (see Freedom House), §5
Too short to score
Fewer than two scored calendar years under the 183-day rule (§3): 1 scored year(s) (1998). No outcome, credibility, reforms or composite score is given.
- Finance ministers
- Ismaila Usman (Aug 1998-May 1999)
- CBN governors
- Paul Ogwuma
- Signature move
- The transition: handing power to an elected government within a year, with a fuel price adjustment and an end to the official N22 rate.
- Oil price context
- $12.7 a barrel in 1998, the lowest since 1973 in nominal terms, recovering to $18.0 in 1999.
Key actions
- 20 Dec 1998 Petrol N11 to N25. [vanguard_fuel]
- 6 Jan 1999 Petrol cut to N20. [vanguard_fuel]
- 1999 The official/parallel exchange-rate split ends (official average N92.3/$ in 1999). [wbfx] [cbnfx]
Context data (not scored)
| Year | CPI inflation | GDP growth | Official rate (₦ per $) | Oil ($/bbl) |
|---|---|---|---|---|
| 1998 | 10% | 2.58% | 21.89 | 12.72 |
| 1999 | 6.62% | 0.58% | 92.34 | 17.97 |
No score to challenge. This government held office too briefly to be scored, so it has no score of any kind. Spotted an error in the facts on this card? Email [email protected] with your source. How public review works
Sources for this card (7)
- EI_OIL Energy Institute Statistical Review of World Energy 2026 via Our World in Data, annual crude price (nominal US$/m3; divided by 6.2898 to get US$/bbl)
- WDI_CPI_1960 World Bank WDI API, FP.CPI.TOTL.ZG, Nigeria, 1960-2025 (last updated 2026-07-13)
- WDI_FX_1960 World Bank WDI API, PA.NUS.FCRF (official exchange rate, LCU per US$, period average; pre-1973 values in naira-equivalent units), Nigeria, 1960-2025 (last updated 2026-07-13)
- WDI_GDP_1960 World Bank WDI API, NY.GDP.MKTP.KD.ZG, Nigeria, 1961-2025 (last updated 2026-07-13)
- cbnfx CBN, 'History of Foreign Exchange Management'
- vanguard_fuel Vanguard, 'Timeline of fuel price increments', 26 Dec 2017
- wbfx World Bank WDI, official exchange rate (LCU per US$, period average), PA.NUS.FCRF, Nigeria