Tinubu says economic reform “losers” behind insecurity wave

President Bola Ahmed Tinubu has attributed the recent uptick in insecurity across Nigeria to beneficiaries of the now-removed fuel subsidy regime and the former foreign exchange system, accusing them of resisting ongoing economic reforms.

The president’s position was conveyed on Wednesday by former Ogun State Governor, Olusegun Osoba, during the public presentation of the book “The NADECO Story” held at the Muson Centre in Onikan, Lagos.

According to Osoba, Tinubu said elements who profited from alleged corruption in the subsidy and forex systems are now attempting to destabilise the country in retaliation for reforms that have disrupted their financial interests.

The president specifically pointed to individuals involved in forex round-tripping and other exploitative practices under the former multiple exchange rate regime, claiming they are resisting the administration’s policy changes, including the unification of exchange rates and the removal of fuel subsidy.

Osoba, while relaying Tinubu’s remarks, said the president is aware of what he described as deliberate efforts by disgruntled interests to undermine national peace and security.

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“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 on the president’s behalf.

Tinubu also reiterated that the economy and national security remain the central focus of his administration, stressing that other political concerns would be addressed after stabilising these key sectors.

He cited improvements in the foreign exchange market, noting that the gap between official and parallel market rates has narrowed significantly, with the naira now trading at improved levels compared to previous peaks.

“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 further quoted the president as saying.

The president maintained that despite resistance from entrenched interests, his administration remains committed to sustaining reforms aimed at restructuring the economy and ensuring long-term stability.