President Bola Tinubu has accused beneficiaries of the former fuel subsidy and multiple foreign exchange regime of being behind the growing insecurity in Nigeria.
Speaking through former Ogun governor Olusegun Osoba at the launch of The NADECO Story in Lagos on Wednesday, Tinubu said individuals who profited from the old economic system are resisting ongoing reforms introduced by his administration.
According to The Nation, the president said the removal of fuel subsidy and the unification of the foreign exchange market disrupted entrenched interests that previously benefited from forex round-tripping and subsidy payments.
Tinubu said some of those affected by the reforms are allegedly 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.
The president described the economy and national security as the major priorities of his administration, adding that political issues would be addressed after stabilising both sectors.
Tinubu also defended his economic policies, saying the gap between the official and parallel foreign exchange markets has 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 forex manipulation by some “cabals”, his administration remains committed to restructuring the economy.
