KEY POINTS
- Tinubu says oil subsidy and exchange rate cabals want him dead over his 2023 reforms.
- The CBN held its benchmark rate at 26.5 percent.
- The APC held decisive governorship primaries across all 36 states.
President Bola Tinubu has accused oil subsidy and exchange rate cabals of wanting him dead, blaming the threat on the twin reforms he launched after taking office in 2023. The claim, which Vanguard splashed on Thursday, frames his subsidy removal and naira float as the trigger for powerful enemies he calls subsidy cabals. Meanwhile, the remarks dominated a busy news cycle that also featured monetary policy, insecurity and party primaries.
Tinubu blames subsidy cabals
Tinubu argues that entrenched interests lost billions when he scrapped the petrol subsidy and floated the naira in 2023. Specifically, he says those groups now see him as a threat to their profits. When he removed the subsidy, pump prices jumped sharply and the naira weakened, which squeezed households across the country. However, the president named no one and offered no fresh evidence in the report. Indeed, the comments revive a familiar theme, since Tinubu has long cast his reforms as a fight against the subsidy cabals he blames for Nigeria’s old order.
The presidency also waded into the wider security debate. Daniel Bwala, Tinubu’s Special Adviser on Policy Communication, said the constitution empowers Nigerians to defend themselves against attackers, even when they face lethal threats. Moreover, he assured citizens that the government is working to curb insecurity nationwide. While the message struck a tough tone, it also underscored how deeply violence now shapes public anxiety. Critics, however, may worry that such language could encourage citizens to take the law into their own hands.
CBN holds its benchmark rate
On the economy, the Central Bank of Nigeria kept its Monetary Policy Rate at 26.5 percent, alongside other key parameters. Consequently, borrowing costs stay high as policymakers try to tame inflation and steady the naira. Additionally, the hold signals caution rather than confidence, since the bank wants firmer proof that price pressures are easing before it shifts course. Businesses, for now, must keep planning around expensive credit.
Primaries and a school scare
Politics, meanwhile, took center stage elsewhere. The Punch reported that the All Progressives Congress faced a decisive round of governorship primaries on Thursday across all 36 states, while tension rose over attempts to impose consensus candidates ahead of the 2027 elections. Similarly, The Nation said the party expected its standard-bearers to emerge the same day. The results will shape the 2027 race, since governors command money and political machinery in their states.
The day was not without fear. The Guardian reported that panic gripped Oko town in Oyo State on Wednesday, when many schools recorded low turnout. Specifically, rumors of a planned attack on schools and nearby communities kept students and teachers at home. Together, the stories paint a country wrestling with economic strain, political maneuvering and persistent security threats all at once.
