BACKGROUND OF THE STUDY
The significance of good governance in any given nation cannot be underestimated. Therefore, the essence of governance is to ensure the development of every sector of the national entity. To this end, every emerging and successive government formulates policies in order to reform the political, economic, cultural and social structures. Irrespective of reformed policies, they are primarily intended to ensure the uplift of the societies in all ramifications-education, health, transportation, etc. Hence, considering the significance and how vital reform policies are made, they attempt to meet the needs and aspirations of the people of a particular country as instituted by existing government.
Because of the above reason, the administration of Olusegun Obasanjo (1999-2007) embarked on certain economic reforms during his tenure in office (1999-2007). In the 1999 elections, the first in sixteen years, he decided to run for the presidency as the candidate of the People’s Democratic Party. On 29 May, 1999, Obasanjo took office as the first elected civilian head of state in Nigeria after 16 years of military rule. The month of May is now commemorated as Democracy Day. It would be recalled that prior to his election in 1999, the nation had been under the yoke of military rule. The military regime did not help matters when it postponed severally the return to civilian rule. Many people were of the view that the worst civilian administration is better than enlightened military dictatorship.1
From the 1960s, when Nigeria gained her independence, development plans of varying durations were launched. The Nigerian leaders were aware that political independence without economic independence would endanger the country’s sovereignty. Hence, they were out to protect this hard won sovereignty as well as give their people the best. The major initiative and plans fell on governments for national economic and social developmet.2 Before and during Obasanjo’s reform, the economic conditions in the country could be considered as dire.