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Fuel Subsidy, FX Reforms: Cabals Plot to Destabilise Nigeria — Tinubu
Fuel Subsidy, FX Reforms: Cabals Plot to Destabilise Nigeria — Tinubu
Published: May 20, 2026 | Read Time: 6 minutes
President Bola Ahmed Tinubu has raised a strong alarm that certain vested interests are attempting to destabilise Nigeria in retaliation for his administration’s removal of fuel subsidy and unification of the foreign exchange market. The President’s warning was delivered by former Ogun State Governor, Chief Olusegun Osoba, during the launch of The NADECO Story and awards ceremony for pro-democracy heroes held at the MUSON Centre in Lagos, where Tinubu also hinted at more reforms if he secures a second term in office.
President Tinubu’s message was delivered on Wednesday by Chief Olusegun Osoba, a former governor of Ogun State, during the launch of The NADECO Story and an awards presentation to democracy heroes and activists held at the Shell Hall of the MUSON Centre, Onikan, Lagos. The President, who was the special guest of honour at the event, commended pro-democracy activists and political associates for their contributions to the struggle for democratic governance in Nigeria. According to Osoba, President Tinubu said he “would not have been where he is today” without the sacrifices of those who fought for democracy in the country.
Osoba also revealed that the President promised to address several political reforms and demands being canvassed by stakeholders if he secures a second term in office. “He has asked me to tell you that, by the grace of God, many of what you have been asking him to do, he would start implementing when he gets his second term,” Osoba said. The former governor of Ogun State stated that Tinubu’s immediate focus remains economic recovery and national security .
Speaking on the economy, Osoba stated that the President believed the administration’s reforms were already producing tangible results. He pointed to the narrowing gap between the official and parallel foreign exchange markets as evidence of progress. “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 . According to recent data, the gap between the official and parallel market exchange rates, which previously exceeded 30 per cent, has now fallen below two per cent . The administration has also recorded significant improvements in foreign reserves, which rose from about 32billioninmid−2024to∗∗49.4 billion by the end of March 2026**, representing approximately 13 months of import cover .
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On security, Osoba said the President was worried about rising threats in the South-West and alleged that some interests were attempting to disrupt the country in reaction to the ongoing economic 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 . Osoba added that despite opposition from entrenched interests benefiting from the old system, Tinubu remained committed to continuing reforms aimed at repositioning the economy. “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,” he added.
The President’s allegations of destabilisation come amid escalating political rhetoric as the 2027 election cycle approaches. Opposition figures have intensified criticism of the administration’s economic management, with some labelling the reforms as “organised hardship” and accusing the government of running a “Ponzi economy” . Former Vice President Atiku Abubakar, who has formally submitted his nomination forms to contest the 2027 presidential election on the platform of the African Democratic Congress, has been among the most vocal critics, describing the current economic reality as “organised hardship dressed up as reform” .
Earlier in his remarks at the MUSON Centre event, the Secretary-General and spokesman of the National Democratic Coalition (NADECO) , Chief Ayo Opadokun, described the occasion as a defining moment in Nigeria’s democratic history. According to him, the ceremony was organised to correct what he described as a long-standing omission in the country’s collective memory by formally recognising patriots, media organisations, human rights activists, diplomats and others who resisted military rule during the regime of late Head of State, Sani Abacha . Opadokun said the period between 1994 and 1998 remained one of the darkest eras in Nigeria’s political history, marked by repression, suppression of human rights and intimidation of dissenting voices. “Yet, in the face of that darkness, a courageous light persisted,” he said. “That light was carried by men and women of conviction within NADECO and beyond who chose resistance over silence, truth over fear and sacrifice over comfort.”
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Also speaking at the event, Nobel laureate Professor Wole Soyinka described Nigeria as “a republic of liars” but said the newly presented book on the country’s democratic struggle stood out for its honesty and authenticity. “I have had the occasion to describe Nigeria as a republic of liars. But this is one instance in which the nation is redeemed from that reputation of violent lies,” Soyinka said. The literary icon said he had carefully read the book and found its contents credible and truthful. “Every page of this book, which I have read carefully, rings of truth,” he stated, adding that the account was strengthened by documentary evidence and firsthand participation by the author. “The author doesn’t pretend that this is the whole story, but he tells his part of it, which is investigated,” Soyinka added.
Also speaking, the Olubadan of Ibadanland, Oba Rasheed Ladoja, said many individuals contributed to the democratic struggle away from public attention. “People think we have to be on the streets to show commitment to a cause. I don’t think so. Some of us worked in the background and did so effectively,” he said. “I am a democrat at heart and I will do anything to protect democracy.” Ladoja recalled that he went into exile following political persecution and said many untold stories remained from the pro-democracy struggle. “There are many things that happened during the democratic struggle which many people do not know. I want to urge Pa Osoba to tell his story,” he said.
During the ceremony, participants observed a minute of silence in honour of pro-democracy activists, politicians, professionals and nationalists who lost their lives during the struggle against military rule and in subsequent years. A major highlight of the event was the launch of The NADECO Story, a publication chronicling the coalition’s role in resisting authoritarian rule and defending democratic ideals. Describing the book as “a repository of truth and a chronicle of resistance,” Opadokun said the publication would help preserve the history of the pro-democracy struggle for future generations. “It offers younger generations an opportunity to understand the price of the freedoms they enjoy today, while providing scholars, policymakers and citizens with a credible account of one of the most defining periods in our national history,” he said.
The NADECO event unfolded against a backdrop of heightened political tensions. Peter Obi, the former Labour Party presidential candidate, has recently criticised the Tinubu administration, stating that “yesterday defenders of democracy, today’s destroyers” and suggesting that the late dictator Sani Abacha was “more democratic” than some former NADECO members now in power . Meanwhile, the Emir of Kano, Muhammadu Sanusi II, has raised concerns over the federal government’s continued reliance on borrowing, despite the removal of petrol subsidy, warning that weak fiscal discipline could undermine the gains expected from recent economic reforms .
Fuel Subsidy, FX Reforms: Cabals Plot to Destabilise Nigeria — Tinubu
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Adeleke Rejects Ataoja Palace Appointment, Reaffirms Oyebode as Osun Iyaloja-General
Adeleke Rejects Ataoja Palace Appointment, Reaffirms Oyebode as Osun Iyaloja-General
OSOGBO — Osun State Governor, Senator Ademola Adeleke, has reaffirmed Mrs Oyebode Mary as the Iyaloja-General of the state, declaring that any purported appointment of another person to the position is invalid.
The governor’s position followed an announcement reportedly emanating from the palace of the Ataoja of Osogbo concerning the appointment of a new Iyaloja-General.
In a statement issued on Friday by his spokesperson, Mallam Olawale Rasheed, Adeleke maintained that the authority to appoint the Iyaloja-General of Osun State rests with the state government.
The governor specifically warned market associations, traders and women across the state against recognising or acting on any announcement of a new Iyaloja-General from any quarter other than the state government.
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According to him, “any announcement from any other quarter including the Osogbo Royal Palace is null and void.”
Adeleke further declared that Mrs Oyebode remains the legally recognised Iyaloja-General of Osun State and continues to enjoy the full backing and recognition of his administration.
The governor urged market leaders and womenfolk across the state to disregard any purported appointment of another person to the position, stressing that Mrs Oyebode remains the duly appointed Iyaloja-General under the authority of the state government.
He also appealed to traditional institutions, organisations and individuals to respect the law and remain within the boundaries of their respective mandates.
Adeleke cautioned against actions capable of creating tension or disturbing the peace of the state, urging all parties involved in the development to exercise restraint.
The governor’s statement could further deepen attention around the authority and processes governing the leadership of market associations in Osun State, particularly amid the conflicting positions attributed to the state government and the Osogbo traditional institution.
Adeleke Rejects Ataoja Palace Appointment, Reaffirms Oyebode as Osun Iyaloja-General
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Atiku Challenges Tinubu’s Prosperity Claim, Says Nigerians Can Barely Afford to Live
Atiku Challenges Tinubu’s Prosperity Claim, Says Nigerians Can Barely Afford to Live
Former Vice President and African Democratic Congress (ADC) presidential candidate, Atiku Abubakar, has criticised President Bola Ahmed Tinubu’s claim that Nigeria has entered an era of prosperity, saying millions of Nigerians are still struggling to afford basic necessities.
Atiku made the remarks in his Independence Day address on Thursday as Nigeria marked its 66th anniversary, arguing that the economic gains highlighted by the government have yet to translate into improved living conditions for many households.
Tinubu, in his own Independence Day address, said Nigeria had moved from a period of difficult economic reforms into what he described as an era of shared and widespread prosperity. He said the government’s focus was now on lowering the cost of living, creating jobs, expanding production and improving opportunities for Nigerians.
Atiku, however, disputed that assessment, saying the reality confronting ordinary Nigerians was different from the picture presented by the government.
He argued that a reduction in the rate of inflation does not automatically restore the purchasing power lost by households after years of rising prices.
According to Atiku, the current N70,000 minimum wage can purchase about 50 litres of petrol, compared with about 118 litres that the former N30,000 minimum wage could buy in April 2023.
He also cited the rising prices of basic food items, including bread and eggs, as evidence of the pressure facing families.
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The ADC candidate said his approach to reducing petrol prices would include a capped and budgeted production subsidy restricted to petrol refined in Nigeria. Under his proposal, imported petrol would not qualify for the subsidy.
He said the arrangement would have a spending limit, with the cost made public and payments independently audited. He argued that such a policy could reduce pump prices while supporting domestic refining and creating jobs.
Atiku also questioned the Federal Government’s reported cash transfers to vulnerable Nigerians, asking how more than 10 million beneficiaries were identified and paid.
He said the government should provide details of the beneficiaries and explain how the funds were disbursed.
The former vice president also raised concerns over Nigeria’s public debt, citing a debt stock of about N166.79 trillion as of the end of June 2026. He criticised the extension of the 2025 budget into 2026 and questioned the management of public resources.
On insecurity, Atiku said Nigerians continued to face threats from armed groups, while farmers in some communities remained unable to access their farms safely.
He also called for greater adherence to the rule of law, raising questions about the continued detention of certain individuals, including Sheikh Sani Khalifa Zaria and former Kaduna State governor Nasir El-Rufai.
On the case of Nnamdi Kanu, Atiku said the legal process should respect his right to appeal and that the grievances surrounding the case should be addressed through lawful means.
He also criticised the reported arrest of Nigerians over the wearing of T-shirts bearing the slogan “Tinubu Must Go”, arguing that political expression should not by itself be treated as a criminal offence.
Atiku further challenged the administration over its handling of the economy, saying Nigerians had endured substantial hardship following the removal of the petrol subsidy and other economic reforms.
He maintained that the benefits promised from the reforms had not yet been sufficiently felt by ordinary citizens.
The ADC candidate urged Nigerians to remain engaged in the political process ahead of the 2027 general election, calling on voters to protect their votes and participate actively in determining the country’s leadership.
Atiku said the central issue was whether government policies were improving the daily lives of Nigerians, particularly in the areas of food prices, transportation, employment, healthcare, security and household income.
His address came shortly after Tinubu told Nigerians that the government had completed the most difficult phase of its economic reforms and was now focused on translating those reforms into broader prosperity.
The contrasting Independence Day messages highlighted the competing assessments of Nigeria’s economic situation ahead of the 2027 elections, with Tinubu defending the direction of his reforms and Atiku arguing that the hardship experienced by many households remains unresolved.
Atiku Challenges Tinubu’s Prosperity Claim, Says Nigerians Can Barely Afford to Live
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Nigeria at 66: Tinubu Unveils Fresh Push for Lower Costs, Jobs, Prosperity (Full Text)
Nigeria at 66: Tinubu Unveils Fresh Push for Lower Costs, Jobs, Prosperity (Full Text)
President Bola Ahmed Tinubu has declared that Nigeria is entering what he described as an “age of prosperity”, saying the focus of his administration will now shift from economic reforms to lower living costs, job creation, industrial growth and improved living standards.
Tinubu made the declaration in his 66th Independence Day address to Nigerians on Thursday, October 1, 2026, saying his administration had spent the past three years addressing what it regarded as longstanding economic distortions and was now moving towards what he called “shared and widespread prosperity.” (State House)
“The emergency treatment is over. The foundation has been repaired,” the President said, arguing that the country had reached a turning point after a difficult period of economic adjustment.
Tinubu said the next phase would concentrate on translating economic improvements into tangible benefits for Nigerians, particularly by reducing the cost of producing and transporting goods, expanding agricultural production and creating millions of productive opportunities.
According to the President, the government will pursue expanded mechanised irrigation and dry-season farming, improved access to seeds and fertiliser, greater agricultural mechanisation, storage facilities and better transportation infrastructure.
He said investments in roads, railways and ports would also help connect farms and factories to markets and reduce the cost of moving goods across the country.
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Tinubu said the administration’s approach was based on lowering production costs so that savings could eventually be reflected in the prices paid by consumers.
He also placed job creation and industrialisation at the centre of the next phase of his economic programme, saying Nigeria’s large youth population could become an engine of production if provided with the right opportunities, skills, infrastructure and access to finance.
The President said government would use the country’s natural gas resources to support new industries and help businesses revive factories, while expanding digital connectivity and skills development.
“I want to see more Nigerians making things,” Tinubu said, outlining a vision in which Nigerian farms supply cities and factories, local businesses expand their exports and young Nigerians build technology companies and other enterprises.
On social protection, Tinubu acknowledged that millions of Nigerians still face difficulties paying for food, education, healthcare and transportation.
He said government would strengthen support for vulnerable households through the National Social Register, while continuing programmes such as the Nigerian Education Loan Fund (NELFUND) and CREDICORP.
The President also said the Federal Government would continue working with state and local governments to strengthen primary healthcare, basic education and other essential public services.
Tinubu said these interventions were intended to support vulnerable Nigerians while the broader economy expands, rather than serve as a permanent substitute for economic opportunity.
He also defended the administration’s economic reforms, arguing that the measures did not create Nigeria’s longstanding economic weaknesses but were intended to address them.
The President said the Nigerian economy had grown by more than four per cent in 2026, while inflation had fallen from its peak, foreign reserves had been rebuilt and the foreign exchange market had stabilised. He also said oil theft had declined and that Nigeria generated more than $6 billion in non-oil export revenue in 2025, which he described as a record. These figures were presented as part of the administration’s assessment of its economic performance. (State House)
Tinubu acknowledged the hardship associated with the reforms but argued that the government could not reverse in four years problems that had accumulated over several decades.
“We cannot erase in four years what accumulated over generations,” he said, while promising to change the country’s economic direction and steadily reduce poverty.
The President said the administration’s ultimate objective was not merely to manage poverty but to create conditions that would allow more Nigerians to move out of poverty through sustained economic growth and productive employment.
“The age of reform has done its work. Now begins the age of prosperity,” Tinubu declared.
He urged Nigerians to look ahead and support efforts to build what he described as a country of greater abundance and opportunity.
Tinubu concluded his Independence Day speech by calling for national unity and renewed confidence in Nigeria’s future, saying the country had corrected its economic direction and should now move forward without looking back. (State House)
Full Tinubu Independence Day speech
The complete 66th Independence Day address by President Bola Ahmed Tinubu, titled “From Reform to Prosperity,” is available in full on the official State House website. (State House)
Read Tinubu’s full 66th Independence Day address
Nigeria at 66: Tinubu Unveils Fresh Push for Lower Costs, Jobs, Prosperity (Full Text)
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