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

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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.

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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\ast \ast$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