Marking the 32nd anniversary of the National Democratic Coalition (NADECO), President Bola Ahmed Tinubu delivered an remarkably blunt and emotionally charged address, declaring that powerful cartels benefiting from the dismantled fuel subsidy regime and foreign exchange arbitrage “wish him dead.”
Speaking at a commemorative lecture in Abuja organized by veteran pro-democracy activists, the President linked his historic role as a NADECO financier during the military era to his current battle against economic saboteurs, insisting that his administration will not reverse the painful but necessary fiscal overhauls launched since mid-2023.
The Ghosts of the Abacha Era
For veterans of the 1990s pro-democracy struggle, the event was filled with heavy nostalgia. Founded on May 15, 1994, NADECO was the primary vehicle of resistance against the brutal military dictatorship of General Sani Abacha, fighting to validate the annulled June 12, 1993, presidential election won by the late Chief M.K.O. Abiola.
President Tinubu, who was forced into exile during those bloody years for bankrolling the underground coalition, directly compared the economic saboteurs of today to the military tyrants of Nigeria’s past.
“The forces we are fighting today are just as ruthless as the ones we faced during the military era,” the President stated, leaning heavily over the podium. “When we took the bold step to cut off the bleeding—to stop the multi-billion dollar scam called fuel subsidy and unify the exchange rates—we knew we were kicking a hornet’s nest. These cabals, who have grown obscenely wealthy on the blood of everyday Nigerians, are fighting back with everything they have. They wish me dead, but God is not done with Nigeria yet.”
Kicking the Hornet’s Nest
The economic policy updates referenced by the President have been the focal point of intense national debate. Since the unification of the forex windows and the absolute removal of the premium motor spirit (PMS) subsidy, the immediate impact has translated into severe inflationary pressures for the populace.
However, administration insiders argue that the alternative was a complete collapse of the central treasury. The President revealed that intelligence briefs routinely expose deliberate manipulation of the local currency by hidden parallel-market actors designed to orchestrate public anger and force a policy reversal.
“They want us to return to the fake life,” Tinubu asserted. “They want us to borrow money to subsidize the lifestyles of a few oil barons and currency speculators. I tell you today, as long as I breathe, we will not go back to that ruinous arrangement.”
Call for National Resilience
Organizers of the anniversary, including surviving chieftains of the pro-democracy struggle, urged the administration to complement these macroeconomic adjustments with robust, tangible social safety nets.
While acknowledging the current hardships being borne by working-class families across Lagos, Kano, and Port Harcourt, the President pleaded for continued patience. He reminded the audience that NADECO did not defeat military rule in a single day, and dismantling entrenched economic corruption would similarly require collective national resilience.
