Tinubu links insecurity to beneficiaries of old subsidy regime, forex reform

President Bola Tinubu has alleged that individuals benefiting from the former fuel subsidy regime and foreign exchange round-tripping are behind terrorism and other forms of insecurity in the country.

The president said the affected interests were resisting the reform policies of his administration and attempting to destabilise the country following the removal of fuel subsidy and the unification of the foreign exchange market.

Tinubu stated this in Lagos on Wednesday at the launch of the book, “The NADECO Story,” and an award ceremony organised for pro-democracy activists and their partners by the National Democratic Coalition (NADECO).

Represented by former Ogun State Governor Olusegun Osoba, the president said the major concerns of his administration remained the economy and security, describing both as essential to Nigeria’s survival.

According to Osoba, Tinubu believes the ongoing economic reforms are already producing positive results, particularly in narrowing the gap between the official and parallel foreign exchange markets.

“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.

The president, however, maintained that despite opposition from entrenched interests, his administration would continue implementing reforms aimed at repositioning the economy.

Nobel Laureate Prof. Wole Soyinka and other prominent figures at the event commended NADECO members for their contributions to the restoration of democracy, while tributes were paid to late pro-democracy activists who fought against military rule.