President Bola Tinubu has claimed that individuals who once benefited from Nigeria’s corruption ridden fuel subsidy system and multiple foreign exchange windows are behind the recent surge in insecurity across the country.
The president made this known through former Ogun State governor, Olusegun Osoba, during the launch of the book The NADECO Story held on Wednesday at the MUSON Centre, Onikan, Lagos.
According to Tinubu, his administration’s economic reforms, especially the removal of fuel subsidy and the unification of Nigeria’s exchange rate system, have disrupted long standing interests that thrived under the old structure. He alleged that those affected by the changes are now working to create instability in retaliation.
Speaking on behalf of the president, Osoba said Tinubu is fully aware of what he described as deliberate efforts by disgruntled beneficiaries of the previous system to undermine national peace.
“He is aware that there is a deliberate attempt to disrupt the peace of the country by those he knew he had offended by cancelling the multiple exchange rate regime and removing fuel subsidy,” Osoba said.
Tinubu argued that the reforms were necessary to address economic distortions and reduce opportunities for exploitation, particularly in the foreign exchange market. He noted that the gap between the official and parallel market exchange rates has narrowed significantly since the reforms began.
“You can see the difference between the parallel and the official markets is virtually zero. The naira, which was about N2,000 to one dollar, is now around N1,380,” the president stated.
He also accused certain groups of continuing forex round tripping practices, describing them as “cabals” determined to resist reforms that have cut off their benefits. Despite the resistance, Tinubu insisted his administration remains committed to restructuring the economy, even if it comes with political and economic pressure.
The president further stated that his administration is currently focused on two major priorities, economic recovery and national security, while political concerns will be addressed later.
His comments come at a time when Nigeria continues to grapple with economic hardship, inflation, and growing insecurity, with many citizens closely watching the impact of the government’s reforms on daily living conditions.
As debates continue over the effectiveness of subsidy removal and exchange rate unification, Tinubu’s remarks signal that the administration sees resistance to these policies as more than economic pushback, but also a potential threat to national stability.
