President Bola Ahmed Tinubu has alleged that individuals and groups who benefited from the former fuel subsidy regime and foreign exchange round-tripping are attempting to destabilise Nigeria in reaction to ongoing economic reforms by his administration.

The President made the remarks during the public presentation of the book, “The NADECO Story,” and an award ceremony organised by the National Democratic Coalition (NADECO) at the Muson Centre, Onikan, Lagos.

He was represented at the event by former Ogun State Governor, Olusegun Osoba, who stated that those affected by the removal of fuel subsidy and the unification of the foreign exchange market were resisting the reforms.

According to Osoba, the administration is prioritising economic stability and national security, which he described as critical to the country’s survival. He further noted that some “unpatriotic elements” were being linked to the worsening security situation across the country.

“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.

Tinubu, through Osoba, maintained that despite opposition from vested interests, his government would continue implementing reforms aimed at restructuring 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,” Osoba added.

The President also assured members of NADECO that political concerns would be addressed after notable progress in the economy and security sectors. Osoba added that Tinubu expects further reforms and policy actions in a second term, should he be re-elected.

“The president 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,” he said.

Osoba also highlighted what he described as early improvements in the foreign exchange market, noting a narrowing gap between official and parallel market rates. He stated that the naira, which previously traded around N2,000 to the dollar, is now approximately N1,380.

He, however, expressed concern over rising insecurity, particularly the spread of kidnapping incidents into the Southwest region.

The President also used the occasion to commend NADECO for its role in Nigeria’s democratic journey, stating that the country’s democratic governance made his presidency possible.

Osoba clarified that NADECO was founded not solely for the June 12 struggle but for the broader objective of restoring democracy, noting that Chief Moshood Abiola became part of the movement during his own struggle.

“We did not set up NADECO for June 12, but to fight for the restoration of democracy. It was when Abiola began his struggle that he was brought to NADECO,” he said.

The event, chaired by Nobel Laureate Wole Soyinka, featured a minute of silence in honour of pro-democracy activists who died during the struggle against military rule.

NADECO Secretary, Ayo Opadokun, described the book as a detailed record of resistance and sacrifice during Nigeria’s pro-democracy struggle under the late General Sani Abacha.

Soyinka, while commending the publication, described it as a truthful account of Nigeria’s democratic history, noting that it stood out in contrast to what he called a “republic of liars.”

“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.

He also proposed the creation of a NADECO medal to honour individuals who contributed to the pro-democracy struggle.

Among those honoured were prominent NADECO figures including Adekunle Ajasin, Abraham Adesanya, Anthony Enahoro, Ndubusi Kanu, Alfred Rewane, Arthur Nwankwo, Kudirat Abiola, Dan Suleiman and Beko Ransome-Kuti, alongside journalists, diplomats, and other contributors to Nigeria’s democracy movement.