a revision exercise after a change in government. In 1977, Falae was appointed permanent secretary (Economic dept), Cabinet office. In 1981, he became the Managing Director of Nigerian Merchant Bank (NMB), formerly United Dominion Trust. In Falae's tenure at the bank, the firm increased its authorized and lending capital. Falae returned to public service in 1986 when he was appointed Secretary to the Government. By then, he believed Nigeria needed economic re-structuring. In 1985, prior to his appointment, the military sought the public opinion of an IMF economic structuring proposal as a condition for external credit from the fund. The popular opinion was to reject the proposal. The administration then came up with Structural Adjustment Programme (SAP). SAP was a proposal to diversify export from a crude oil dependent regime, ensure fiscal and balance of payments equilibrium and non-inflationary growth. The mechanisms to be implemented in order to achieve these objectives were the devaluation of the naira, reduction of petroleum products subsidies and trade liberalization. During his time in office, Falae became a vocal defender of SAP even when it was becoming unpopular with the masses, earning him the moniker "Mr. SAP" amongst ordinary Nigerians. He left the post of Secretary to the Government and served as the Federal Minister of Finance in 1990 in the military regime of Ibrahim Babangida. He was relieved from office in August 1990. Thereafter, he joined the democratic transition programme. Political career Falae's foray into politics started during the Third Republic. Babangida had banned 'old breed' politicians, who were mostly people who had held elective office in the past such as Bola Ige and Lateef Jakande. Falae soon became the candidate of choice for followers of Awolowo and some progressives within the Social Democratic Party. He contested for the post but lost to Shehu Musa Yar'Adua before the elections were cancelled. He later threw his support and organization towards actualizing the presidential ambition of MKO Abiola. In the mid 1990s, following the cancellation of the June 12, 1993 and the coming to power of a new military government, Falae became a prominent member of the National Democratic Coalition during the quest for the restoration of democracy in Nigeria. Falae was jailed by the military government of Sani Abacha, but was released in June 1998 after Abacha's death. He unsuccessfully contested the 1999 Nigerian presidential elections on the joint platform of the Alliance for Democracy