Oil subsidy, exchange rate cabals want me dead — Tinubu

President Bola Ahmed Tinubu has alleged that powerful groups linked to oil subsidy and foreign exchange practices are “wishing him dead” following reforms he introduced since taking office in 2023. He made the remarks through former Ogun State Governor Olusegun Osoba while addressing stakeholders at a National Democratic Coalition (NADECO) event held in Lagos to mark the group’s 32nd anniversary. Tinubu said his decision to remove fuel subsidy and unify Nigeria’s exchange rate system had angered certain economic interests who previously benefited from the old systems. According to him, these groups are resisting reforms because they have lost access to what he described as opportunities for round-tripping and arbitrage in the foreign exchange market. He added that the same interests allegedly opposing his policies are also uncomfortable with his broader economic restructuring efforts, but insisted he remains determined to continue with the reforms. “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 canceling multiple exchange rates and by canceling oil subsidies. “He said 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. So that’s the message from Mr. President.” The President, according to Osoba, said he is aware of alleged attempts to destabilise the country due to these policy changes but remains focused on economic recovery and national security. Tinubu also told the gathering that he is expecting improved performance in a potential second term, saying that more political and structural reforms would be implemented if re-elected. Osoba further noted that the President believes the current administration’s priority remains stabilising the economy and addressing security challenges across the country, especially emerging insecurity concerns in parts of the South-West.