ABSTRACT

The researcher tries to examine how policies,  programmes and issues are formulated and  implemented in government especially during  the regime of general Ibrahim Babangida as well as using the structural adjustment  programme (SAP) as a special case study.

In chapter one of this research work, the researcher discussed the brief historical background with the case study which gave them information concerning this research work.

        Chapter two covered on literature review on what people, authors and professors have written about the policy formulation and implementation in Nigeria.

        Chapter three deals with research methodology. The researcher employed some tools like sample size, sources of data, questionnaires and sampling technique.

        In chapter four, it deals with analysis of result in the research while chapter five deals with the summary, recommendation and conclusion. Under this chapter, five advices were given to formulators and implementations of the policies.

TABLE OF CONTENTS

TITLE PAGE—————————————– i

APPROAVAL PAGE———————————- ii

DEDICATION————————————— iii

ACKNOWLEDGEMENT —————————– iv

ABSTRACT——————————————-       iv

TABLE OF CONTENTS——————————-        vi

CHAPTER ONE

1. Background of The Study——————– 1
2. Statement  of the problem——————  4
3. Objective of the study———————–  5     
4. Scope and limitation of study—————- 7
5. Significance of the study——————— 7
6. Theoretical frame work———————– 9
7. Statement of hypothesis———————-       10
8. Definitions  of terms————————–        11

References———————————— 14

CHAPTER TWO

1. Literature Review—————————–        15

1.1   Introduction———————————–        15

CHAPTER THREE

3.1   Research Methodology———————-   41

3.2   Methods of data collection——————   41   

3.3   Sample size———————————- 43

3.4   Sample techniques————————–  43

3.5   Data analysis techniques——————–  45

        References———————————–  46

CHAPTER FOUR

• Data presentation—————————- 47

4.1   Data analysis——————————— 48

4.2   Research findings—————————- 50

        References———————————–  52

CHAPTER FIVE

• summary, recommendations  and conclusion-      59

5.1   Summary————————————  59

5.2   Recommendations————————–   60

5.3   Conclusion———————————–  62

Bibliography———————————  63

Appendix————————————- 66

Questionnaire——————————–  67

CHAPTER ONE

1.1   BACKGROUND OF THE STUDY

        In 1982, the international financial marketers were already seized with the debt crises, following the public admission of Mexico and a number of debtor nations of their inability to continue to fulfill their external debt obligations (Presbisch 1963; 10). In Nigeria, the period between 1980 ad early 1985 was characterized by drastic fall in oil revenues and therefore in foreign exchange portfolio, accompanied by an unprecedented increase in import bills and deteriorating balances of payments. By 1986, Nigerians outstanding external indebtedness, including short- term trade arrears, had hit the N57 billion marks, while the debtor agencies grow from bad to worse. The situation also earned Nigeria a considerable deterioration of her image vis-a-vis her principal foreign creditors and trading partners (Okon 2005; 447).

        The distinguished Argentina economist, Paul presbisch alluded to this in the 1950’s, when he said. In the face of huge balance of payment deficits, Nigeria was badly in need of external loan to enable her regain equilibrium.

        According to World Bank report (1994), Nigerians creditors were reluctant to reschedule her external debt, grant fresh loans or open new lines of credit for the importation of industrial raw materials and other imports, especially following the country’s rejection of the IMF Loan. Nigeria was thus faced with an embarrassing cross-conditionality to produce a certificate of guarantee (a clean bill of economic health). IMF itself could not enclose such a certificate- a pre conditional which was a demonstrable commitment on the part of Nigeria to embark upon structural adjustment measures, including the devaluation of her over-valued naira.

        Factors accounting for Nigerians mounting external debt included foreign exchange leakages through wide-spread over invoicing of exports, borrowing the fiancé non-tradable project, poor debts  management , whereby short –term debts were centered and  used for log –term development purposes, thus leading to poor  maturity, profile or the bunching of repayment, currently over valuation, low income rates and uncontrolled external borrowings by state governments and  other public agencies, sometimes without federal government knowledge, approval guarantee and documentation. Between 1979 and 1983, state government in Nigeria were known to have indiscriminately contracted external loans for consumption of goods and materials for social infrastructural facilities without any consideration whatsoever for the means of repayments as when due. Such uncoordinated borrowing by state governments and other agencies were responsible for much of the problem of debt-bunching and subsequent researching.