The Abacha regime is known for instituting which economic policy aimed at centralizing control of Nigeria’s oil revenue?

JAMB History 2024 188 views
Source: JAMB · 2024

The Abacha regime is known for instituting which economic policy aimed at centralizing control of Nigeria’s oil revenue?

  1. Structural Adjustment Program (SAP)
  2. Petroleum Trust Fund (PTF) ✓
  3. National Economic Empowerment and Development Strategy (NEEDS)
  4. Green Revolution
Explanation

Abacha created the Petroleum Trust Fund in 1994. PTF controlled oil revenue for infrastructure projects. This centralized massive funds under military control.

SAP was implemented under Babangida in the 1980s. NEEDS came during Obasanjo’s civilian government in the 2000s. The Green Revolution was Shagari’s agricultural program in the 1970s.

PTF built roads and infrastructure but was criticized for corruption. It concentrated economic power during military dictatorship.

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