President Bola Ahmed Tinubu has said that powerful interests affected by his administration’s economic reforms are unhappy with him and would prefer him removed because of decisions taken on fuel subsidy removal and foreign exchange reforms.
The President’s position was conveyed in Lagos during the launch of the book “The NADECO Story,” authored by Ayo Opadokun, alongside an award presentation honouring veterans of the National Democratic Coalition (NADECO).
Speaking on Tinubu’s behalf, former Ogun State governor Olusegun Osoba said the President acknowledged that some groups benefiting from the previous exchange rate regime and fuel subsidy system were displeased with his administration.
According to Osoba, Tinubu said:
“There is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by cancelling multiple exchange rates and by cancelling oil subsidies.”
Osoba further quoted the President as saying that individuals involved in foreign exchange “round-tripping” and subsidy-related interests were hostile to his 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,” Osoba stated.
The remarks come amid continued debate over the impact of the administration’s economic policies, particularly the removal of petrol subsidy and the unification of the foreign exchange market, both of which have contributed to rising inflation and increased living costs across Nigeria.
Tinubu also reportedly maintained that his administration was focused primarily on economic recovery and national security, while broader political reforms could follow later.
Speaking on the naira, Osoba quoted the President as saying that the narrowing gap between official and parallel exchange rates showed signs of economic stabilisation.
“The Naira, which they thought would be N2,000 to one dollar, is now around N1,380 or thereabouts,” Osoba said while relaying Tinubu’s comments.
However, the President reportedly warned against allowing the naira to strengthen too rapidly, arguing that it could negatively affect traders and businesses that had already obtained foreign exchange at higher rates.
“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 event drew several prominent Nigerians, including Wole Soyinka, Olisa Agbakoba, and Rasheed Ladoja.