President Bola Tinubu has alleged that beneficiaries of the former fuel subsidy regime and foreign exchange allocation system are behind the recent surge in insecurity across the country, insisting that entrenched economic interests are sabotaging ongoing reforms.
Tinubu, who spoke through former Ogun State Governor, Chief Olusegun Osoba, at the public presentation of The NADECO Story held at the MUSON Centre on Wednesday, said his administration’s economic policies had unsettled powerful interests who previously profited from subsidy fraud and forex round-tripping.
Osoba, delivering the President’s message, said Tinubu was aware of what he described as coordinated attempts by “disgruntled elements” to destabilise the country in reaction to reforms such as the removal of fuel subsidy and the unification of the foreign exchange market.
“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.
According to the President, the reforms were necessary to correct decades of economic distortions that enriched a few at the expense of the majority, stressing that some of those affected were now pushing back through destabilisation tactics.
He maintained that the economy and national security remain the central focus of his administration, adding that political issues would be addressed more decisively once stability is achieved.
Tinubu further argued that the foreign exchange market had shown signs of stability since the reforms, noting that the gap between the official and parallel market had narrowed significantly.
“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,” he said.
He also alleged that despite ongoing reforms, some operators in the forex market were still engaged in round-tripping, but vowed that the government would sustain pressure until the system is fully sanitised.
“Those cabals are still round-tripping, but he is determined that if this is the only thing he would do to rearrange the economy, he is ready to face it,” Osoba added on the President’s behalf.
The President reaffirmed his administration’s commitment to economic restructuring, insisting that the ongoing reforms were critical to long-term national stability, even if they attracted resistance from powerful interests.
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