President Bola Tinubu has alleged that individuals who benefited from the former fuel subsidy regime and multiple foreign exchange system are responsible for the growing insecurity in Nigeria.
Speaking through former Ogun State governor, Olusegun Osoba, at the launch of the book “The NADECO Story” in Lagos on Wednesday, the president said those affected by his administration’s economic reforms are attempting to destabilise the country.
According to Tinubu, the removal of fuel subsidy and the unification of the foreign exchange market disrupted long-standing corrupt practices, particularly among those involved in forex round-tripping.
Osoba, who delivered the president’s remarks at the Muson Centre in Onikan, said Tinubu was fully aware of efforts by some vested interests to undermine peace in retaliation for the policies.
“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.
The president identified the economy and security as the two major priorities of his administration, adding that other political concerns would be addressed after stabilising both sectors.
“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.
“Those cabals are still round-tripping, but he is determined that if this is the only thing he would do to rearrange the economy, he is ready to face it.”