President Bola Tinubu says powerful interests affected by fuel subsidy removal and exchange rate reforms are working against his administration.
The President made the statement on Wednesday during the launch of “The NADECO Story” written by Chief Ayo Opadokun in Lagos.
Former Ogun State Governor Olusegun Osoba represented Tinubu at the event.
According to Osoba, the President said individuals benefiting from multiple exchange rates and fuel subsidy practices were unhappy with his economic reforms.
“As for security, he says he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by canceling multiple exchange rates and by canceling oil subsidies,” Osoba said.
He added that the President remained determined to continue the reforms despite resistance.
“Those cabals who are doing round-tripping will wish him dead any time, but he is determined to rearrange the economy,” he stated.
Tinubu Defends Economic Reforms
Since assuming office in 2023, Tinubu’s administration has introduced several economic policies including:
- Fuel subsidy removal
- Exchange rate unification
- Fiscal reforms
- Monetary policy adjustments
The reforms triggered higher fuel prices, inflation, and increased living costs across Nigeria.
However, the government insists the measures are necessary to stabilise the economy and reduce financial distortions.
Osoba said Tinubu believes the policies will improve Nigeria’s long-term economic outlook.
President Prioritises Economy and Security
According to Osoba, Tinubu described the economy and insecurity as the administration’s biggest concerns.
He warned that insecurity was gradually spreading into the South-West region.
“You all can see now that the security situation is gradually moving into the South-West zone,” Osoba said.
He also claimed the gap between the official and parallel exchange rates had reduced significantly.
“The naira, which many predicted would hit N2,000 per dollar, is now around N1,380,” he added.
Osoba further stated that Tinubu does not want the naira to strengthen too quickly to avoid market instability.
Tinubu Seeks Second-Term Support
The President also thanked members of the National Democratic Coalition (NADECO) for their role in Nigeria’s democratic struggle.
According to Osoba, Tinubu said he would not have become President without the support of NADECO members.
He also promised to perform better in a second term if re-elected in 2027.
“He still has tremendous respect for all those who fought to entrench democracy,” Osoba said.
Prominent Nigerians Attend NADECO Event
Several notable Nigerians attended the event in Lagos.
They included:
- Professor Wole Soyinka
- Olusegun Osoba
- Dr Olisa Agbakoba (SAN)
- Senator Rasheed Ladoja
- Sam Amuka
- Professor Anya O. Anya
- Joke Silva
- Labaran Maku
- Joe Okei-Odumakin
- Richard Akinnola
NADECO played a major role in Nigeria’s pro-democracy struggle during the military era between 1994 and 1998.
