Fuel subsidy, FX cabals behind Nigeria’s security crisis – Tinubu

President Bola Tinubu says beneficiaries of the corruption-laden fuel subsidy and foreign exchange era are behind the uptick in insecurity across Nigeria.

The Nation reports that Tinubu spoke through Olusegun Osoba, former governor of Ogun, on Wednesday at the launch of a book titled ‘The NADECO Story’, in Lagos.

The president said unpatriotic elements who engaged in forex round-tripping are resisting his administration’s reforms, particularly the removal of fuel subsidy and the unification of the exchange rate markets.

He said these vested interests are attempting to destabilise the country as retaliation for the policies that ended their privileges.

Osoba, conveying the president’s message at the Muson Centre in Onikan, said Tinubu is fully aware of the deliberate attempts to disrupt national peace by persons offended by the 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,” Osoba said.

The president identified the economy and security as fundamental issues currently preoccupying his administration, and pledged to address outstanding political matters after tackling these core challenges.

“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.

“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.” (TheCable)