Tinubu: Fuel subsidy, FX cabals behind Nigeria’s security crisis
President Bola Tinubu has alleged that individuals who benefited from Nigeria’s former fuel subsidy system and multiple foreign exchange regimes are responsible for the recent rise in insecurity across the country.
Speaking through former Ogun State governor, Olusegun Osoba, at the launch of a book titled The NADECO Story in Lagos on Wednesday, the president said some vested interests are fighting back against his administration’s economic reforms.
According to Tinubu, those who profited from practices such as foreign exchange round-tripping have been unsettled by the removal of fuel subsidy and the unification of the foreign exchange market.
Osoba, who represented the president at the event held at the MUSON Centre in Onikan, said Tinubu is aware of efforts by certain groups to undermine peace and stability in retaliation for the reforms.
“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 while delivering the president’s remarks.
Tinubu stated that his administration is currently focused on addressing the country’s economic and security challenges, adding that unresolved political issues would be tackled after progress is made in those areas.
The president also defended the impact of the reforms on the foreign exchange market, noting that the gap between the official and parallel market rates has narrowed significantly.
“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.
