1st Federal Government signs a loan agreement of N194.7m (61.39b) Yen with Marubeni Corporation of Japan to finance the nation’s fourth refinery to be built at Alesa-Eleme, near Port-Harcourt, Rivers state.

10th  Students in Akure, Ondo state demonstrates against IMF loan.

13th  Nigeria rejects IMF loan.

16th  Babangida calls for effective African history in an address at the opening ceremony of the fifth session of African Studies (ICAS).

20th  Maj. Gen. Vatsa’s coup bid foiled. Defence Minister Gen. Domkat
advances reasons given by the coup plotters, which include:

  • The administration’s attitude towards human rights.
  • Retention of some former public officers in government.
  • The rejection of the IMF loan.
  • Involvement of middle-level military officers in public offices.

22nd Defence ministry sets up a panel to investigate the December 20 abor­tive coup.

24th  Association of drivers demonstrate in support of President Babangida

27th  Names of coup suspects announced:

  • Gen. Mamman Vatsa – Minister, Federal Capital Territory
  • M.M. Nassarawa
  • Col. Chris Oche
  • Col. Musa Bitiyong
  • Col. Moses Effiong
  • Col. Mike lyorshe
  • Col. Emmanuel Obeya
  • Commander A. A. Ogwuji
  • Squadron Leader Martin Luther
  • Wing Commander Ben Ekele
  • Wing Commander Adamu Sakaba
  • Group Capt. David Ikpeme (former Gov. Ondo State)
  • Group Capt. Salaudeen Latinwo (former Gov. Kwara State)
  • Major David Bamidele

29th  Solidarity rally for IBB at Murtala Muhammed Square.