Abuja, Nigeria — President Bola Ahmed Tinubu has alleged that individuals who benefited from Nigeria’s former fuel subsidy regime are behind acts of terrorism and insecurity, accusing them of attempting to destabilise the country in response to ongoing economic reforms.
Speaking on Wednesday, the President said entrenched interests affected by the removal of fuel subsidy and the unification of the foreign exchange market are resisting his administration’s policies through actions that threaten national stability.
“Fuel subsidy beneficiaries are behind terrorism and other forms of insecurity in the country,” Tinubu said, linking economic sabotage to rising security concerns.
He also accused some actors of engaging in foreign exchange round-tripping, noting that such practices undermine the economy and contribute to efforts aimed at frustrating government reforms.
According to the President, these groups are reacting to policy changes designed to correct long-standing distortions in Nigeria’s economic system.
Tinubu emphasised that his administration remains focused on addressing the twin challenges of economic instability and insecurity, describing them as critical to the country’s survival.
“The issues that currently preoccupy this administration are the economy and security. They are fundamental to the survival of this country,” he stated.
He added that political matters would be addressed after significant progress has been made in stabilising the economy and improving security nationwide.
The remarks come amid ongoing reforms by the Federal Government, including the removal of fuel subsidies and efforts to stabilise the naira through foreign exchange market adjustments.
