Onaolapo Soleye

Onaolapo Soleye is a Nigerian scholar and former Minister of Finance during the military regime of General Muhammadu Buhari. He served for (20) twenty months as the minister of finance. He was also a former commissioner for Finance and Industry in Ogun State.[1] He sits on the board of the Obasanjo Presidential Library.

Onaolapo Soleye
Minister of Finance
In office
1984–1985
Preceded bySunday Essang
Succeeded byKalu Idika Kalu
Personal details
BornAbeokuta
NationalityNigerian
Alma materBaptist Boys' High School, Nigeria London School of Economics and Political Science, UK University of Manchester, US
ProfessionPolitician Public Servant

He was a former lecturer at the university of Ibadan, he was also the commissioner of industry in the western region before he was appointed as the minister of finance.

Soleye preferred administrative controls on foreign exchange, he rejected proposals to drastically devalue naira. He also decided to print new notes in April 1984, to prevent the repratriation of Naira through smuggling.[2]



Education

Dr Soleye attended Baptist Boys' High School, Abeokuta, one of the earliest secondary school established in Nigeria. He trained as a Sociologist and studied at the London School of Economics and Political Science and University of Manchester.[3]

Soleye's major policy actions during his tenure as Minister of Finance include:[4]

  • Policies preventing drastic devaluation of the Naira
  • Refinancing of trade debt arrears insured by international organizations
  • Supported the rationalization and restriction of imports
  • Did not stop the trend of budget deficit financing
  • Creating of new Naira notes to halt currency smuggling

References
  • "Obasanjo Farms Withdraws From Okitipupa Oil Palm Board", Daily Trust, January 21, 2002
  1. Admin. "Soleye, Dr Onaolapo". Blerf.0rg. Retrieved 26 January 2019.
  2. Fuady, Ahmad Helmy (2019-03-25). "Elites and Economic Policies in Indonesia and Nigeria, 1966-1998". Journal of Indonesian Social Sciences and Humanities. 4: 157–164. doi:10.14203/jissh.v4i0.107. ISSN 2656-7512.
  3. Berendsen, Bernard. Asian Tigers, African Lions: Comparing the Development Performance of Southeast Asia and Africa. BRILL, 2013. pp. 167–168. ISBN 9789004260009.
  4. "Buhari, Magoro and the reunion of class of '84/85 (2)". Vanguard News. 2019-10-29. Retrieved 2020-05-30.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.