PRESIDENT Bola Tinubu has accused beneficiaries of the former fuel subsidy regime and multiple foreign exchange system of being behind the growing insecurity and attempts to destabilise Nigeria following his administration’s economic reforms.
Tinubu also revealed that powerful cabals benefiting from forex round-tripping and oil subsidy corruption now “wish him dead” because of the policies he introduced after assuming office in 2023.
News Point Nigeria reports that the president spoke through former Ogun State Governor, Olusegun Osoba, on Wednesday during the launch of the book The NADECO Story, written by Chief Ayo Opadokun, at the Muson Centre in Onikan, Lagos.
The event also featured awards presented to individuals who played significant roles in the pro-democracy struggle led by the National Democratic Coalition (NADECO) between 1994 and 1998.
According to Tinubu, vested interests angered by the removal of fuel subsidy and the unification of the exchange rate market are deliberately attempting to undermine national peace and security.
“As for security, he says, I should let you know, that he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by canceling multiple exchange rates and by canceling oil subsidies,” Osoba said while delivering the president’s remarks.
The president accused some of the affected interests of continuing to engage in forex round-tripping despite the reforms.
“Those cabals who are doing round-tripping will wish him dead any time, but he is determined that if that is the only thing he would do, he would make sure he rearranges the economy. No matter what, he is determined to face it. So that’s the message from Mr. President,” Osoba added.
Tinubu described the economy and security as the two most pressing issues confronting his administration, noting that those areas currently demand his full attention.
Speaking further through Osoba, the president said broader political issues would be addressed after stabilising the economy and improving security across the country.
“He says he is ever grateful for what all of you have done to bring this country to where we are today, and he has also asked me that, by the grace of God, many of the things that you people have been asking him to do, that when he gets his second term, he is going to start implementing some of the political issues,” Osoba stated.
“He said the major issue before him now is the economy and security.”
Tinubu also expressed concern over the gradual spread of insecurity into the South-West region.
“You all can see now that the security situation is now moving gradually into the South-West zone,” Osoba quoted the president as saying.
On the economy, Tinubu defended his administration’s exchange rate reforms, saying they had significantly narrowed the gap between the official and parallel foreign exchange markets.
“The difference between the parallel market and official market exchange rate is virtually zero now. The naira, which they thought would be N2,000 to one dollar, is now N1,380 or thereabouts,” he said.
Tinubu further stated that he was not interested in making the naira excessively strong in a manner that could create economic distortions.
“In fact, he says he is not going to allow the naira to get too strong. He does not want to create confusion for those who have bought money at about N1,500 and other goods,” Osoba added.
The president also praised NADECO members for their sacrifices during Nigeria’s democratic struggle, saying their efforts laid the foundation for the country’s current democratic system.
According to Osoba, Tinubu acknowledged that he would not have emerged president without the support and contributions of NADECO veterans.
“The President asked me to tell you that he is fully with you, and he still has his tremendous respect that he would not have been where he is today if not for all of you here who have fought to entrench democracy,” Osoba said.
Tinubu also assured supporters that he would perform better in a second term if re-elected.
Several prominent Nigerians attended the event, including Nobel Laureate Wole Soyinka, rights activist Olisa Agbakoba, veteran publisher Sam Amuka, former Information Minister Labaran Maku, Nollywood actress Joke Silva, and the Olubadan of Ibadanland, Rasheed Ladoja.
Other dignitaries present included Anya O. Anya, Ogaga Ifowodo, Joe Okei-Odumakin, Anthony Kila, Richard Akinnola, and several pro-democracy advocates and elder statesmen.