President Bola Tinubu has alleged that beneficiaries of the corruption-ridden fuel subsidy regime and multiple foreign exchange system are behind the recent rise in insecurity across the country.
Tinubu spoke through former Ogun State Governor, Olusegun Osoba, on Wednesday at the launch of a book titled “The NADECO Story” in Lagos.
According to the President, some unpatriotic elements who profited from foreign exchange round-tripping and fuel subsidy abuses are resisting his administration’s reforms, particularly the removal of fuel subsidy and the unification of the foreign exchange market.
He said those whose privileges were ended by the reforms are attempting to destabilise the country in retaliation.
Osoba, who conveyed Tinubu’s message at the event held at the Muson Centre, Onikan, said the President was aware of deliberate efforts by vested interests to disrupt national peace.
“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.
Tinubu identified the economy and security as major issues currently occupying the attention of his administration, assuring that other outstanding political matters would be addressed after the core challenges are tackled.
Defending the exchange rate reforms, the President said the gap between the official and parallel markets had significantly narrowed.
“You can see the difference between the parallel and the official markets is virtually zero. The naira, which was about ₦2,000 to one dollar, is now around ₦1,380,” he said.
Tinubu maintained that the administration would not back down from the reforms despite resistance from those he described as cabals still involved in round-tripping.
“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,” Osoba quoted him as saying.