President Bola Ahmed Tinubu has alleged that some vested interests are plotting to destabilize Nigeria because of his administration’s economic reforms, especially the removal of fuel subsidy and the unification of the foreign exchange market.
According to a statement delivered on his behalf by former Ogun State governor Olusegun Osoba at a democracy event in Lagos, Tinubu said the reforms were necessary to rescue the economy despite the hardship they initially caused.
The president argued that individuals who benefited from the old subsidy and multiple exchange-rate system were resisting the changes and allegedly attempting to create instability in the country.
Tinubu’s administration has defended the reforms as steps aimed at stabilising Nigeria’s economy, attracting foreign investment and reducing fiscal pressure on government finances. The policies, however, have also contributed to higher inflation and rising living costs, leading to public criticism and protests in recent years.
Recent government officials and allies have continued to insist that the reforms are beginning to produce results, citing exchange-rate stability, improved investor confidence and tighter monetary policies by the Central Bank of Nigeria.
According to Osoba, Tinubu said he “would not have been where he is today” without the sacrifices of those who fought for democracy in the country.
Osoba also revealed that the President promised to address several political reforms and demands being canvassed by stakeholders if he secures a second term in office.
“He has asked me to tell you that, by the grace of God, many of what you have been asking him to do, he would start implementing when he gets his second term,” Osoba said.
The former governor said Tinubu’s immediate focus remains economic recovery and national security.
Speaking on the economy, Osoba stated that the President believed the administration’s reforms were already producing results, pointing to the narrowing gap between the official and parallel foreign exchange markets.
“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.
On security, Osoba said the President was worried about rising threats in the South-West and alleged that some interests were attempting to disrupt the country in reaction to the ongoing economic 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,” he said.
Also speaking at the event, Nobel laureate Wole Soyinka described Nigeria as “a republic of liars” but said the newly presented book on the country’s democratic struggle stood out for its honesty and authenticity.
“I have had the occasion to describe Nigeria as a republic of liars. But this is one instance in which the nation is redeemed from that reputation of violent lies,” Soyinka said.
The literary icon said he had carefully read the book and found its contents credible and truthful.
“Every page of this book, which I have read carefully, rings of truth,” he stated, adding that the account was strengthened by documentary evidence and firsthand participation by the author.
“The author doesn’t pretend that this is the whole story, but he tells his part of it, which is investigated,” Soyinka added.
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