Tinubu Alleges Fuel Subsidy, Forex Reform Beneficiaries Behind Rising Insecurity

President Bola Ahmed Tinubu has alleged that individuals who benefited from Nigeria’s former fuel subsidy regime and multiple foreign exchange system are behind attempts to fuel insecurity and destabilise the country.

The president made the allegation on Wednesday during the launch of the book The NADECO Story at the Muson Centre in Lagos, where his remarks were delivered by former Ogun State governor, Olusegun Osoba.

According to Tinubu, the removal of fuel subsidy and the unification of the foreign exchange market disrupted entrenched financial interests, especially among those involved in forex round-tripping and subsidy-related profiteering.

Osoba, speaking on behalf of the president, said Tinubu was fully aware of efforts by some aggrieved individuals to create unrest following the implementation of the administration’s economic reforms.

“He is aware that there is a deliberate attempt to disrupt the peace of the country by those offended by the cancellation of the multiple exchange rate regime and the removal of fuel subsidy,” Osoba stated.

The president maintained that restoring economic stability and improving security remain the administration’s immediate priorities, stressing that political considerations would come after both sectors are stabilised.

Tinubu also highlighted what he described as progress in the foreign exchange market, noting that the gap between the official and parallel market exchange rates had reduced significantly.

“The difference between the parallel and official markets is now minimal. The naira, which traded at about N2,000 to one dollar, is now around N1,380,” he said.

The president further stated that despite continued attempts by some groups to manipulate the foreign exchange market, his administration would remain committed to implementing reforms aimed at restructuring and strengthening the Nigerian economy.