President Bola Tinubu has said powerful interests affected by the removal of fuel subsidy and the unification of the foreign exchange market are working against his administration and would rather see him fail.
The President stated that some individuals who benefited from the old system were unhappy with the economic reforms introduced since he assumed office in 2023.
According to him, those groups have continued to frustrate efforts aimed at stabilising the economy and restoring confidence in the country.
Tinubu’s message was delivered on Thursday in Lagos by former Ogun State governor, Olusegun Osoba, during the launch of the book, “The NADECO Story,” authored by Ayo Opadokun.
The event also featured the presentation of awards to notable figures involved in the pro-democracy struggle led by the National Democratic Coalition, NADECO.
Speaking on behalf of the President, Osoba said Tinubu was fully aware of attempts by some forces to destabilise the country following the removal of fuel subsidy and the end of multiple exchange rates.
“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,” Osoba said.
Tinubu, according to Osoba, believes the reforms were necessary to save the country’s economy from collapse, despite the hardship Nigerians have faced since the policies were introduced.
The President also reportedly linked some security concerns across the country to individuals angry over the reforms. Osoba said Tinubu noted that insecurity was gradually spreading into the South-West and stressed that his government was prioritising both economic recovery and national security.
Speaking further, Osoba said the President remained optimistic about the direction of the economy, especially with the narrowing gap between the official and parallel foreign exchange markets.
“The Naira, which they thought would be N2,000 to one dollar, is now around N1,380 or thereabouts,” he said.
He added that Tinubu does not want the Naira to appreciate too rapidly in a way that could create fresh instability for investors and businesses that brought funds into the country at higher exchange rates.
The President also used the occasion to appreciate members of NADECO and other pro-democracy activists for their role in ending military rule in Nigeria. He said he would not have become President without the sacrifices made by those who fought for democracy during the military era.
Osoba quoted Tinubu as promising that more political reforms would be pursued if he secures a second term in office. He said the administration is currently concentrating on stabilising the economy and tackling insecurity before moving fully into other areas of governance.
Several prominent Nigerians attended the event, including Nobel Laureate, Wole Soyinka; constitutional lawyer, Olisa Agbakoba; former Oyo State governor, Rasheed Ladoja; and other key figures involved in Nigeria’s democratic struggle.
The event focused heavily on preserving the history of the June 12 struggle and recognising individuals who resisted military dictatorship in the 1990s.