About us
1985–1993 · Military
The big reset: the naira is floated, prices jump, and students take to the streets.
Military: took power unconstitutionally
Military government. Took power unconstitutionally; political rights are not scored here (see Freedom House), §5
About this card. Debt uses WDI external debt/GDP at both ends (1986 and 1993) because the IMF general-government series starts in 1990.
17/100 Draft
| Indicator | Measured | Score |
|---|---|---|
| Inflation | 30.51% a year on average | 15 |
| Growth | 3.41% a year on average | 49 |
| Naira stability | Official rate 1.755 -> 22.07 (₦ per $); 43.58% a year | 0 |
| Public debt | WDI external debt/GDP (not comparable with the IMF general-government series): 40.5 -> 54.1% of GDP; 1.94 pp a year | 21 |
| Reserves | 1.55 months of imports at the end | 0 |
Evidence: method, Pillar A · sources
Challenge this score0.5/4 (12.5/100) Draft, open for public review
0.5/4 (Q1 0; Q2 0; Q3 0.5; Q4 0). Ways & Means 'continued unabated', the premium was above 20% in 6 of 8 years, extrabudgetary spending reached 65% of the total, and the World Bank and IMF record stop-go reversals.
Avoided central-bank financing of deficits beyond the legal limit? 0
No. The 1991 CBN Decree cut Ways & Means access from 25% to 12.5% of revenue, but 'government borrowing continued unabated'. The 1988 expansion was 'initially financed by central bank credit' (World Bank 1994, paras 4.27, 4.60, 6.23). [WB_SAP_PARAS]
Avoided multiple official exchange rates and a large, persistent parallel premium? 0
No. Parallel premium above 20% in 6 of 8 scored years: 106.4% (1986), 38.1% (1987), 33.3% (1988), 42.8% (1989), 19.5% (1990), 31.6% (1991), 15.8% (1992), 64.3% (1993) (CBN Bullion). This was far below the 300%+ of 1984-85, but still large and persistent. [CBN_BULLION_2006] [WB_SAP_PARAS]
Major announced reforms survived 12+ months without reversal? 0.5 Disputed
Disputed. Core SAP measures lasted for years (SFEM from Sep 1986, import licensing abolished). But the World Bank describes 'stop-and-go' fiscal policy and re-extended import bans, and the IMF says the government 'began to retreat from the basic reforms' from late 1990. [WB_SAP_PARAS] [IMF_SAP_CH4]
Budgets broadly implemented as passed? 0
No. Extrabudgetary spending rose from 22% of federal spending (1986) to 65% (1992) (World Bank Table 3.7). [WB_SAP_PARAS]
Evidence: method, Pillar B · sources
Challenge this score4/4 (100/100) Draft, open for public review
4 or more durable reforms (capped at 4).
Evidence: method, Pillar C · sources
Challenge this score
