By:
LAGOS, NIGERIA — President Bola Ahmed Tinubu has sent a shockwave through the nation’s political and economic landscape, declaring that powerful fuel subsidy and foreign exchange (FX) cabals "wish him dead" over his administration’s aggressive economic overhauls.
Speaking on Wednesday in Lagos, the President also revealed a calculated economic stance, insisting he will not allow the Nigerian Naira to become "too strong" in a manner that could trigger shockwaves and destabilize local businesses.
The President’s heavy-hitting remarks were delivered during the high-profile presentation of the book, "The NADECO Story," authored by Chief Ayo Opadokun, a former General Secretary of the National Democratic Coalition. The event also featured an awards ceremony recognizing legendary pro-democracy figures who fought against military dictatorship in the 1990s.
Representing the President at the star-studded gathering, former Ogun State Governor Chief Olusegun Osoba delivered the unvarnished message. He stated that the unified foreign exchange windows and the total elimination of the petrol subsidy deliberately dismantled lucrative illegal operations, generating severe backlash from entrenched interests.
Delivering the President’s direct words to the audience, Osoba stated:
“As for security, he says, I should let you know, that he is aware that there is a deliberate attempt to disrupt the peace of this country by people whom he knew he had offended by cancelling multiple exchange rates and by cancelling oil subsidies.
Those cabals who are doing round-tripping will wish him dead 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.”
These bold assertions arrive amidst ongoing national debates over the immediate fallout of the 2023 reforms, which initially triggered severe inflationary pressures, a steep spike in utility costs, and a heightened cost of living for everyday Nigerians.
Addressing the foreign exchange situation, Tinubu pointed out that the aggressive gap between the parallel market and the official market window has been completely flattened—a feat many critics thought impossible. He noted that the Naira, which speculators predicted would plummet past ₦2,000 to the US dollar, has stabilized robustly.
However, the President dropped an unexpected piece of monetary philosophy, revealing that the Central Bank would manage the currency deliberately to avoid over-strengthening it too quickly. Rapid appreciation, he warned, would ruin merchants who imported inventory at older, weaker exchange rates.
“You all can see now that the security situation is now moving gradually into the South-West zone. So he says the first major thing he is facing now is the economy, and you all can see that the difference between the parallel market and official market exchange rate is virtually zero now," Osoba quoted the President.
"The Naira, which they thought would be ₦2,000 to 1 dollar, is now 1,380 or thereabouts. In fact, he says he is not going to allow the Naira to get too strong. He does not want to create confusion for those who have bought money at about ₦1,500 and other goods.”
The event served as a historic reunion for Nigeria's pro-democracy elite, attracting prominent figures including Nobel Laureate Prof. Wole Soyinka, human rights lawyer Dr. Olisa Agbakoba, Prof. Sylvester Odion-Akhaine, Chief Fred Agbeyegbe, and the Olubadan of Ibadanland, Oba Rashidi Ladoja.
Acknowledging his roots within the NADECO struggle, Tinubu expressed endless gratitude to the veterans, noting that the democratic platform they built paved the way for his presidency. He hinted, however, that deep-seated political and structural governance changes would take a backseat to national security and immediate economic restoration, promising a wave of structural reforms if he secures a second term in 2027.
“He says he is ever grateful for what all of you have done to bring this country to where we are today,” Osoba relayed, speaking to the activists. "By the grace of God, many of the things that you people have been asking him to do will begin to be implemented when he gets a second term.”