President Bola Tinubu has accused beneficiaries of Nigeria’s former fuel subsidy regime and multiple foreign exchange system of sponsoring instability and insecurity across the country.
Speaking through former Ogun State governor Olusegun Osoba at the launch of the book The NADECO Story in Lagos on Wednesday, Tinubu said individuals who profited from the old system were fighting back against his administration’s economic reforms.
According to a report by TheCable, the president said the removal of fuel subsidy and the unification of the foreign exchange market disrupted entrenched interests that had long benefited from corruption and round-tripping practices.
Tinubu said those affected by the reforms were now attempting to destabilise the country in retaliation.
“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 while delivering the president’s remarks at the Muson Centre in Onikan.
The president said his administration remains focused on tackling economic and security challenges before addressing other political matters.
Tinubu also defended the impact of the reforms on the naira, noting that the gap between the official and parallel foreign exchange markets 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 added that despite continued attempts at foreign exchange manipulation, his administration would continue pushing reforms aimed at restructuring the economy.
The event centred on the legacy of the National Democratic Coalition, a pro-democracy movement that opposed military rule in Nigeria during the 1990s.
