President insists subsidy removal and FX unification have stabilized naira, vows to push reforms despite resistance……
President Bola Ahmed Tinubu has claimed that powerful interests benefiting from Nigeria’s former multiple exchange rate system and fuel subsidy regime are hostile to his administration’s reforms, saying some of them “wish him dead” because of the policies introduced in 2023.
The President’s remarks were conveyed on Wednesday in Lagos by former Ogun State Governor, Olusegun Osoba, at the public presentation of “The NADECO Story” authored by Ayo Opadokun, as well as a ceremony organised by the National Democratic Coalition (NADECO) to honour key figures in Nigeria’s pro-democracy struggle between 1994 and 1998.
Osoba, who represented Tinubu at the event, said the President believes that vested interests who profited from “round-tripping” under the old foreign exchange system are resisting ongoing economic reforms.
According to him, Tinubu argued that the removal of fuel subsidy and the unification of exchange rates had disrupted entrenched economic interests.
“Those cabals who are doing round-tripping would wish him dead at any time,” Osoba quoted the President as saying. “But he is determined that if that is the only thing he will do, he will make sure he rearranges the economy.”
Osoba added that the President remains committed to continuing the reforms despite pushback, insisting that stabilising the economy and strengthening national security remain his top priorities.
He said Tinubu acknowledged that the economy and security situation currently require urgent attention, noting that the administration is focused on addressing both challenges simultaneously.
Osoba also disclosed that the President believes Nigeria’s foreign exchange reforms have significantly narrowed the gap between the official and parallel market rates, claiming the naira has strengthened compared to projections made at the start of the administration.
According to him, Tinubu noted that expectations of a naira collapse to as low as N2,000 to the dollar have not materialised, with the currency instead stabilising around current levels.
The former governor further quoted the President as saying he does not want excessive volatility in the exchange rate, stressing the need to avoid disruptions for businesses that acquired foreign exchange at higher rates.
Osoba also said Tinubu expressed appreciation to NADECO members for their role in Nigeria’s democratic struggle, adding that the President believes he would not have reached his current position without their contributions.
He noted that Tinubu pledged to deepen democratic and governance reforms if re-elected for a second term, while focusing in the meantime on stabilising the economy and strengthening national security.
The event attracted several prominent figures, including Nobel Laureate Prof. Wole Soyinka, legal practitioners, activists, former ministers, and other pro-democracy campaigners, many of whom played key roles in Nigeria’s political transition in the 1990s.
