Former Military Head of State, Yakubu Gowon, has defended the role of Obafemi Awolowo in post-war economic policies, stating that Igbo people were duly compensated following the Nigerian Civil War.

Gowon explained that individuals who had verifiable funds in Nigerian banks before the war were paid back their money with accrued interest after the conflict, which lasted from July 6, 1967, to January 15, 1970, commonly known as the Nigerian Civil War.

He, however, dismissed long-standing criticisms directed at Awolowo over the controversial £20 policy, which provided a flat payment to returning Biafrans regardless of how much they held in Biafran currency. Critics have often accused Awolowo, who served as Federal Commissioner for Finance during the war, of implementing an unfair policy.

In his memoir, My Life of Duty and Allegiance, Gowon clarified that the decision was a collective one by the Federal Government, based on economic realities at the time. He noted that the Central Bank of Nigeria had set up a panel to assess the implications of converting the Biafran currency, but found it impractical since it was not recognized as legal tender.

According to Gowon, allowing a full exchange of Biafran currency could have destabilized the national economy. As a result, economic experts recommended a uniform payment of £20 to adults from the former Biafran region, while those with confirmed deposits in Nigerian banks were refunded in full, including interest.

He maintained that the approach was the most viable option under the circumstances and cautioned against placing undue blame on Awolowo for a policy shaped by broader government consensus.