President Bola Ahmed Tinubu on Wednesday, May 20, said some persons angered by his administration’s reforms in the foreign exchange and oil subsidy sectors were wishing him dead.…....
Tinubu said the decision to cancel multiple exchange rates and remove petrol subsidy had offended powerful interests who benefited from the old system.
The President spoke in Lagos at the launch of the book, “The NADECO Story,” written by Chief Ayo Opadokun.
The event also featured the presentation of awards to individuals who played key roles in Nigeria’s democratic struggle under the National Democratic Coalition between 1994 and 1998.
Tinubu was represented at the event by a former Ogun State governor, Chief Olusegun Osoba.
Delivering Tinubu’s message, Osoba said the President was aware of alleged moves by some interests to disrupt peace in the country because of his economic reforms.
According to him, those who profited from foreign exchange round-tripping and petrol subsidy payments were unhappy with the administration’s policies.
“As for security, he says, I should let you know, that 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 said 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. No matter what, he is determined to face it. So that’s the message from Mr. President.”
Tinubu had, upon assumption of office in 2023, announced the removal of petrol subsidy and later introduced foreign exchange reforms, including the unification of exchange rates.
The policies have continued to generate debate across the country, with the government insisting that they were necessary to stabilise the economy, while many Nigerians have complained of rising living costs.
Osoba said Tinubu acknowledged the contributions of NADECO members to the return of democracy in Nigeria and assured them that their roles in the struggle would not be forgotten.
He said the President remained grateful to those who fought for the country’s democratic rule, adding that democracy must be protected and sustained.
Speaking further, Osoba said Tinubu had identified the economy and security as the two major issues currently before his administration.
“He says he is ever grateful for what all of you have done to bring this country to where we are today, and he has also asked me that, by the grace of God, many of the things that you people have been asking him to do, that when he gets his second term, he is going to start implementing some of the political issues. He said the major issue before him now is the economy and security,” Osoba said.
The former governor added that the President was concerned about the movement of security challenges into the South-West region.
“You all can see now that the security situation is now moving gradually into the South-West zone. So he says the first major thing he is facing now is the economy,” he added.
Tinubu also said his government’s foreign exchange reforms had reduced the gap between the official and parallel market rates.
According to Osoba, the President said the naira had not fallen to the level projected by critics of his administration.
He said, “You all can see that the difference between the parallel market and official market exchange rate is virtually zero now. The naira, which they thought would be ₦2,000 to $1, is now ₦1,380 or thereabouts.
