President Bola Tinubu has alleged that individuals who benefited from Nigeria’s former fuel subsidy regime and multiple foreign exchange system are responsible for rising insecurity in the country.
Speaking through former Ogun State governor, Olusegun Osoba, at the launch of the book The NADECO Story in Lagos on Wednesday, the president said some groups affected by his administration’s economic reforms are attempting to undermine national stability.
According to Tinubu, the removal of fuel subsidy and the unification of the foreign exchange market disrupted long-standing financial interests, particularly among those involved in forex round-tripping.
Osoba, delivering the president’s remarks at the Muson Centre, said Tinubu is aware of efforts by certain individuals to create unrest in response to the reforms.
“He is aware that there is a deliberate attempt to disrupt the peace of the country by those offended by the cancellation of the multiple exchange rate regime and the removal of fuel subsidy,” Osoba stated.
The president described the economy and security as the administration’s top priorities, adding that other political concerns would be addressed after stabilising both sectors.
Tinubu also pointed to what he described as improvements in the foreign exchange market, noting that the gap between the official and parallel market rates has narrowed significantly.
“The difference between the parallel and official markets is now minimal. The naira, which traded at about N2,000 to one dollar, is now around N1,380,” he said.
He added that despite continued attempts at forex manipulation by some groups, his administration remains committed to restructuring the economy through its reform agenda.
