President Bola Tinubu has alleged that individuals who benefited from the former fuel subsidy system and the multiple foreign exchange regime are behind the rising insecurity being witnessed across parts of Nigeria.
The President’s position was conveyed on his behalf by former Ogun State Governor, Chief Olusegun Osoba, during the public presentation of the book “The NADECO Story” held at the MUSON Centre in Lagos.
According to Osoba, the President believes that certain economic actors who profited from subsidy payments and forex round-tripping are resisting ongoing economic reforms introduced by his administration.
Tinubu reportedly stated that these groups are attempting to undermine national stability in response to policies that ended fuel subsidy payments and unified the foreign exchange market.
He said the administration is aware of what it described as deliberate efforts by affected interests to disrupt peace and create instability as a reaction to the reforms.
The President further maintained that the economy and national security remain the central focus of his government, adding that other political concerns would be addressed after progress is made in those areas.
He also highlighted improvements in the foreign exchange market, noting that the gap between official and parallel market rates has significantly reduced since the introduction of the reforms.
According to him, the naira has strengthened compared to previous levels, while efforts are ongoing to curb speculative forex activities and eliminate market distortions.
Osoba added that despite resistance from some vested interests, the administration remains committed to sustaining the reforms aimed at restructuring the economy and stabilising key sectors.
