Second Republic
A constituent assembly was elected in 1977 to draft a new constitution, which was published on September 21, 1978, when the ban on political activity was lifted. In 1979, five political parties competed in a series of elections in which Alhaji Shehu Shagari of the National Party of Nigeria (NPN) was elected president. All five parties won representation in the National Assembly.
During the 1950s prior to independence, oil was discovered off the coast of Nigeria. Almost immediately, the revenues from oil began to make Nigeria a wealthy nation. However, the spike in oil prices from $3 per barrel to $12 per barrel, following the Yom Kipur War in 1973 brought a sudden rush of money to Nigeria. Another sudden rise in the price of oil in 1979 to $19 per barrel occurred as a result of the lead up to the Iran-Iraq War. All of this meant that by 1979, Nigeria was the sixth largest producer of oil in the world with revenues from oil of $24 billiion per year.
In August 1983, Shagari and the NPN were returned to power in a landslide victory with a majority of seats in the National Assembly and control of 12 state governments. But the elections were marred by violence and allegations of widespread vote rigging and electoral malfeasance, leading to legal battles over the results.
On December 31, 1983 the military overthrew the Second Republic. Major General Muhammadu Buhari emerged as the leader of the Supreme Military Council (SMC), the country's new ruling body. The Buhari government was peacefully overthrown by the SMC's third-ranking member General Ibrahim Babangida in August 1985. Babangida (IBB) cited the misuse of power, violations of human rights by key officers of the SMC, and the government's failure to deal with the country's deepening economic crisis as justifications for the takeover. During his first days in office President Babangida moved to restore freedom of the press and to release political detainees being held without charge. As part of a 15-month economic emergency plan he announced pay cuts for the military, police, civil servants and the private sector. President Babangida demonstrated his intent to encourage public participation in decision making by opening a national debate on proposed economic reform and recovery measures. The public response convinced Babangida of intense opposition to an economic recession.
Read more about this topic: History Of Nigeria
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