President Bola Ahmed Tinubu has said powerful interests benefiting from Nigeria’s scrapped fuel subsidy regime and multiple exchange rate system are opposed to his economic reforms, alleging that some of them “wish him dead.”

The president made the remark in Lagos during the 32nd anniversary of the National Democratic Coalition, where a book titled The NADECO Story authored by pro-democracy activist Ayo Opadokun, was launched.

His message was delivered by former Ogun State governor Olusegun Osoba. According to Osoba, Tinubu said individuals who profited from fuel subsidy payments and foreign exchange “round-tripping” have continued to resist reforms introduced by his administration since he assumed office in 2023.

“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,” Osoba told attendees.

Since taking office, Tinubu has implemented sweeping economic reforms, including the removal of fuel subsidy and the unification of Nigeria’s foreign exchange rates.

The policies, widely seen as long overdue by economists, were introduced to reduce fiscal pressure, eliminate market distortions, and attract foreign investment.

However, the reforms have also triggered significant hardship for many Nigerians, with sharp increases in fuel prices, transportation costs, and inflation.

Labour unions and opposition figures have repeatedly criticized the policies, calling for relief measures to cushion their impact. The president, however, defended the reforms, describing them as necessary steps to reset the economy and prevent long-term collapse.

He also suggested that resistance from entrenched interests has contributed to economic and security challenges facing the country.

Tinubu assured Nigerians that his administration would remain focused on restructuring the economy despite opposition, insisting that the changes are critical to securing Nigeria’s financial future.

The remarks add a new dimension to the ongoing debate over the administration’s economic policies, highlighting the political and economic tensions surrounding efforts to dismantle longstanding subsidy and foreign exchange systems.