Claim:
A viral quote shared by an X user, @ishaqsamaila5, attributes the following statement to Ibrahim Badamasi Babangida:

“I heard Obasanjo’s government spent $17 billion on power. If I had such an amount when I was President, Nigeria would not only have had stable electricity, we would have built a nuclear power station. In my time, $1 was about ₦1–₦10… I even wish it was ₦120 to $1 then — Nigerians would have seen wonders.”

Verdict: Misleading.

Full Story:
The viral quote attributed to former military president Ibrahim Badamasi Babangida has circulated widely on social media.

IBB did make remarks in the early 2010s criticising power sector spending during the administration of Olusegun Obasanjo. In those comments, he suggested that if he had access to similar funds, he could have delivered better outcomes, including building a nuclear power plant.

Olusegun Obasanjo served as Nigeria’s civilian president from May 29, 1999, to May 29, 2007, while Ibrahim Badamasi Babangida ruled as military Head of State from August 27, 1985 to August 27, 1993.

In 2010, Babangida attempted a political comeback by contesting for president nearly 25 years after leaving office. During this period, his relationship with Obasanjo, then Chairman of the Board of Trustees of the Peoples Democratic Party (PDP), was strained. This led to increased public criticism, with Babangida quoted as saying:

“If I had the kind of money Obasanjo had in eight years, I would have done wonders.”

Over time, however, this statement appears to have been embellished on social media, with additional claims about exchange rates and economic comparisons added to the narrative.

IBB was quoted as saying, “In my time, $1 was about ₦1–₦10. Sometimes I even wish it was ₦120 to $1 — then Nigerians would have seen wonders.”

The quote has gained traction, with some reactions praising IBB’s tenure for a strong naira while others blamed him for Nigeria’s perennial power and structural problems.

Is there any evidence that IBB made these comments? NDRFactcheck verified them.

Verification:
Media reports  here, here  and here confirm that Babangida criticised the power sector spending under Obasanjo, often referencing about $16 billion, not $17 billion. He was quoted as saying that he could have achieved more with such funds, including delivering a nuclear power project.

He also maintained his position when the issue resurfaced during public debates around the National Assembly’s probe into the power sector.

However, several inconsistencies exist in the viral claim. For instance, the amount cited varies between $16 billion and $17 billion across different versions.

Again, the widely referenced $16 billion power spending remains controversial and disputed, with no universally accepted figure as reported by Vanguard, and other sources. 

The exchange rate claims: “$1 was ₦1–₦10” and “I wish it was ₦120 to $1”, do not appear in any credible reports of Babangida’s remarks and are likely later additions.

Further checks show that the exact wording of the viral quote cannot be traced to any verifiable primary source, such as an official speech or reputable interview.

Additionally, Babangida has previously stated that he does not operate social media accounts, suggesting that many quotes attributed to him online may not originate directly from him.

In 2023, he also distanced himself from viral statements circulated in his name regarding Olusegun Obasanjo’s choice of Peter Obi.

Conclusion:
While Ibrahim Badamasi Babangida did criticise power sector spending under Olusegun Obasanjo and claimed he could have achieved more with similar resources, the viral quote in circulation is not entirely authentic and contains misleading and unverified elements.

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