By Abdullahi Bilal

General Ibrahim Badamasi Babangida’s (IBB) autobiography, ‘A Journey in Service’, presents itself as a record of his time as Nigeria’s military ruler from 1985 to 1993. However, beneath the self-praise and justifications, the book is a veiled defence of the neoliberal policies that plunged millions of Nigerians into suffering. His administration’s economic decisions, particularly the Structural Adjustment Program (SAP), did not serve the people but rather served global financial institutions and Nigeria’s elite. Instead of fostering development, these policies deepened poverty, widened inequality, and eroded national sovereignty.

The Structural Adjustment Program: A Blueprint for Mass Suffering

One of the most devastating policies of IBB’s regime was the introduction of SAP, a set of harsh economic measures dictated by the International Monetary Fund (IMF) and the World Bank. SAP is a series of economic policies/reforms a country must adopt to access loans from the World Bank (WB) and the International Monetary Fund (IMF). The government claimed SAP would stabilize Nigeria’s economy, but in reality, it was a tool to enforce the ruthless demands of international capitalism.

SAP led to massive job losses as public sector workers were retrenched in the name of reducing government spending. The removal of subsidies on essential goods sent food and fuel prices soaring, pushing millions into abject poverty. Small businesses collapsed under the weight of high interest rates, while wages stagnated, making basic survival a daily struggle for ordinary Nigerians. The program essentially transferred economic control from the state to private profiteers, allowing foreign corporations and local billionaires to amass wealth while the masses suffered. In his research on The Story of Structural Adjustment Programme in Nigeria from the Perspective of the Organized Labour, Nwagbara (2011) highlights the devastating effects of SAP on various sectors of the Nigerian economy. He explains that despite being aware of the negative implications, the government proceeded with the IMF-imposed policies, leading to widespread economic hardships. As he puts it:

“The introduction of SAP, and the subsequent implementation of the IMF/World Bank conditionality attached to it, came with some negative consequences that affected many sectors of the economy such as agriculture and industry… Cognizant of the situation, the government in power still went ahead to implement the IMF conditionality that led to many unpleasant consequences such as workers losing their jobs through retrenchment, many people not being able to afford most of the necessities of life due to wage cuts and withdrawal of subsidies, skyrocketing inflationary situation occasioned by currency devaluation, high rates of unemployment, etc.”

The research concludes that SAP resulted in widespread social unrest as Nigerians grappled with harsher living conditions, mass retrenchment, and severe wage cuts, among other economic hardships.

The impact of SAP is still felt today. Many of the problems that plague Nigeria—low wages, mass unemployment, crumbling public services, and the dominance of foreign corporations—can be traced back to IBB’s adoption of this exploitative economic model. The program was not a mistake; it was a deliberate attack on Nigeria’s working people to serve the interests of capital.

Naira Devaluation: Selling Out the Nation’s Future

One of SAP’s most destructive policies was the forced devaluation of the naira. This policy, sold as an economic adjustment, only made life harder for the poor. Imported goods became unaffordable, and local industries struggled to compete. Meanwhile, foreign investors and Nigeria’s wealthy elite benefited by purchasing public assets and resources at giveaway prices.

For the working class, devaluation meant lower wages in real terms, as salaries could no longer cover even the most basic needs. It also increased Nigeria’s dependence on foreign debt, forcing future governments to continue implementing neoliberal policies that favour big business owners over the people. The devaluation of the naira was not about helping the economy—it was about handing over Nigeria’s wealth to multinational corporations and the rich.

Privatization and Deregulation: Looting in the Name of Reform

IBB’s government paved the way for the wholesale privatization of Nigeria’s key industries. Public enterprises—built with public funds—were sold off to private interests at ridiculously low prices. What was supposed to be national development turned into a looting spree for the rich, with no benefit to the ordinary people. The privatization and liquidation of key industries in Nigeria had severe economic consequences. The National Fertilizer Company of Nigeria (NAFCON) once ensured affordable fertilizers for farmers, but its privatization led to skyrocketing prices and worsened food insecurity. Similarly, the liquidation of the Nigerian National Shipping Line (NNSL) resulted in massive job losses for seafarers and increased reliance on foreign shipping companies. The sale of the Nigerian Sugar Company (Bacita Sugar Factory) reduced local sugar production, leading to greater import dependence and further job losses.

Today, we see the legacy of these policies in the collapse of essential services. Electricity, once publicly controlled, is now in the hands of profit-driven private companies that exploit consumers with high tariffs while delivering poor service. Healthcare and education, once accessible, have been commercialized, making them luxuries for the privileged few.

Privatization was never about efficiency or economic growth—it was about transferring public wealth into private hands. It is one of the greatest betrayals of the Nigerian people, and it all started under IBB’s rule.

A Book Launch That Reveals Nigeria’s Rotten System

The launch of A Journey in Service seemingly highlighted those who benefited significantly from the economic policies of the Ibrahim Babangida era. The event brought together some of Nigeria’s wealthiest individuals, who collectively donated N17 billion in celebration. Among the contributions, Aliko Dangote pledged N8 billion, Abdul Samad Rabiu gave N5 billion, and Theophilus Danjuma contributed N3 billion—funds that, in another context, could have been directed toward public education, healthcare, or job creation. The gathering underscored how certain policies shaped the economic landscape, elevating a select few while many Nigerians continued to face economic hardship.

These donations are not acts of generosity; they are symbols of the deep inequality created by the very policies IBB implemented. While millions struggle to eat, the elite flaunt their wealth in lavish ceremonies, showing that Nigeria’s capitalist system is designed to serve them alone.

IBB’s Revisionist History: Whitewashing a Dictatorship

Beyond the economic destruction, A Journey in Service also attempts to rewrite history. The book downplays IBB’s role in annulling the June 12, 1993, election—the freest and fairest in Nigeria’s history. It glosses over the repression, assassinations, and corruption that characterized his regime. Even the execution of Major General Mamman Vatsa, a close friend accused of plotting a coup, is presented without real reflection on the fairness of the trial.

This kind of historical revisionism is dangerous. By sanitizing his legacy, IBB and his supporters hope to erase the suffering his rule caused. But Nigerians remember. The hardship, the oppression, and the economic destruction cannot be rewritten out of history.

IBB’s time in power proves that neoliberalism does not work for the masses of the people. SAP, privatization, and deregulation did not bring development; they brought suffering. Nigeria’s working people cannot continue to trust in the same system that has kept them in poverty.

The only real alternative is socialism—a system where the wealth of the nation is controlled democratically by the people, not a handful of billionaires and corrupt politicians. This means reversing privatization, restoring democratic workers’ control and management of essential services, and investing in industries that create jobs rather than serve foreign corporations. It means rejecting the IMF and World Bank’s policies and prioritizing the needs of Nigerian workers, farmers, and students over the interests of local and international capitalist profiteers.

Most importantly, the working people must organize politically. Nigeria needs a mass workers’ party—one that is built by and for the ordinary people. Such a party must challenge the ruling class, wrestle power from them, and place the commanding heights of the economy under democratic control. Only then can Nigeria break free from the cycle of poverty and exploitation.

Conclusion: A Journey in Disservice

IBB’s autobiography is not a story of service—it is a confession of betrayal. The regime economic policies destroyed lives, political decisions undermined democracy, and the book launch was a celebration of the inequality it helped create.

However, Nigeria does not have to remain in the grip of this corrupt system. The masses must rise, organize, and build a new future—one where wealth is shared, power is in the hands of the people, and the economy serves all, not just the elite. That future is only possible through socialism and the determined struggle of the working class. The time to build that alternative is now.