LAGOS – President Bola Ahmed Tinubu has accused the cabals that profited from the now-scrapped fuel subsidy regime and the multiple foreign exchange system of being behind the escalating security crisis in Nigeria.
The president made the allegation at the public presentation of a book, The NADECO Story, written by Chief Ayo Opadokun, a former General Secretary of the National Democratic Coalition (NADECO). The well-attended event took place on Wednesday at the Shell Hall of the MUSON Centre in Onikan, Lagos.
President Tinubu, who was represented at the launch by a former Governor of Ogun State, Chief Olusegun Osoba, said the individuals benefiting from the “corruption-laden” old systems are now seeking to destabilise the country in retaliation for his administration’s economic reforms.
“As for security, he says I should let you know that he is aware of a deliberate attempt to disrupt the peace of this country by people whom he knows he has offended by cancelling the multiple exchange rates and by cancelling the oil subsidies,” Osoba said, relaying the president’s message to the gathering. The former governor added: “He said those cabals who are doing round-tripping will wish him dead at any time, but he is determined that if that is the only thing he would do, he would make sure he rearranges the economy. No matter what, he is determined to face it.”
Tinubu noted that the twin challenges of fixing the economy and subduing insecurity remain the fundamental issues currently preoccupying his administration. He defended his policies by pointing to a narrowing gap between the official and parallel market exchange rates. “You can all see now that the security situation is now moving gradually into the South-West zone. He says the first major thing he is facing now is the economy, and you can all see that the difference between the parallel market and official market exchange rate is virtually zero now. The naira, which they thought would be N2,000 to a dollar, is now around N1,380,” Osoba added.
The president also used the platform to reiterate his gratitude to the pro-democracy movement for its role in the restoration of civil rule. He acknowledged that he would not have been in a position to lead the country if not for the sacrifices made by NADECO members and other activists who fought against military dictatorship in the 1990s.
“The president asked me to tell you that he is fully with you, and he still has his tremendous respect, and that he would not have been where he is today if not for all of you here who have fought to entrench democracy,” Osoba said. Going further, the president promised to implement the coalition’s long-standing political demands if he is re-elected for a second term in 2027, explaining that his immediate focus must remain on economic recovery and national security.
The event, which marked the 32nd anniversary of NADECO’s founding, drew a host of prominent Nigerians. Nobel Laureate Professor Wole Soyinka, who served as the chairman of the occasion, praised the author for documenting what he called a truthful and verifiable account of the struggle against military rule. “This book has helped to redeem the image and reputation of many individuals whose sacrifices contributed to democratic governance in Nigeria,” the literary icon said. The Olubadan of Ibadanland, Oba Rashidi Ladoja, also delivered remarks, stressing that democracy was preserved not only by those who protested publicly but also by countless individuals who contributed in quieter but no less significant ways.
In his welcome address, Chief Ayo Opadokun explained that the gathering was not merely to celebrate the past but to restore historical truth, promote national healing and educate younger generations about the sacrifices made to sustain democracy in Nigeria.
However, the president’s comments have drawn criticism from some quarters. Financial analyst and educator Kalu Aja, reacting via social media on Thursday, accused Mr Tinubu of looking for scapegoats instead of identifying the genuine drivers of violence across the country. Aja questioned the direct link between complex economic policies and the spate of attacks on rural communities. “If one does not know the problem, one can’t fix the problem,” he said, expressing deep concern over the administration’s framing of the security challenge.
Other notable figures at the book launch included Professor Sylvester Odion-Akhaine, Chief Fred Agbeyegbe, rights activist Dr Olisa Agbakoba (SAN), Vanguard Publisher Sam Amuka, and Nollywood icon Mrs Joke Silva, among several others.
ANN Politics
Tags
News