President Bola Tinubu has said that some powerful individuals affected by his economic reforms are unhappy with his administration and are working against the country’s peace and stability.
The President made this known during the launch of the book titled The NADECO Story, written by Ayo Opadokun in Lagos.
The event also honoured people who played major roles in Nigeria’s democracy struggle under the National Democratic Coalition between 1994 and 1998.
Tinubu was represented at the gathering by former Ogun State governor, Olusegun Osoba, who delivered the President’s message.
According to Osoba, Tinubu said some groups who benefited from the old foreign exchange system and petrol subsidy payments became angry after his government removed those policies.
He said the President believed some of these interests were behind attempts to create problems in the country.
Osoba explained that Tinubu remained determined to continue with the reforms despite opposition from those who gained from the previous system.
He said the President believed restructuring the economy was necessary, even if it came with pressure and resistance.
“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’s administration removed petrol subsidy shortly after he took office in 2023.
The government also introduced reforms in the foreign exchange market by merging exchange rates into one system.
Since then, many Nigerians have complained about rising prices of goods, transportation and living costs, while the government has continued to defend the policies as necessary for economic recovery.
Speaking further, Osoba said Tinubu appreciated members of NADECO and others who fought for the return of democracy in Nigeria. He said the President remained grateful to those who risked their lives during the struggle against military rule.
Osoba added that Tinubu believed democracy must continue to grow in the country and promised not to forget those who helped make it possible.
The former governor also said Tinubu identified the economy and insecurity as the two biggest challenges facing his administration.
According to him, the President is worried about the spread of security threats into the South-West region.
He said Tinubu was currently focused on fixing the economy and dealing with insecurity before moving fully into other political matters raised by pro-democracy groups.
Osoba also stated that the President believed his foreign exchange reforms had reduced the difference between the official exchange rate and the black market rate. He said Tinubu noted that the naira had not fallen to the level predicted by critics of his government.
According to him, the President said the exchange rate had remained more stable than many expected and that his administration was carefully managing the situation to avoid creating fresh problems for businesses and investors.
