President Bola Tinubu shared a story about a friend who switched from five Rolls-Royces to a Honda due to fuel price hikes after subsidy removal. Highlighting the economic impact, Tinubu urged Nigerians to embrace resource management amid soaring petrol prices and rising electricity tariffs under his administration’s policies.
President Bola Tinubu has shared a poignant anecdote to illustrate the economic impact of his administration's removal of fuel subsidies. Speaking at his Bourdillon residence in Lagos, Tinubu recounted a conversation with a friend who downgraded from owning five Rolls-Royces to a Honda, citing skyrocketing fuel costs.
"My friend said he could no longer maintain five luxury cars due to the increased petrol prices," Tinubu explained, emphasizing the need for Nigerians to adapt to the evolving economic realities.
Since the removal of fuel subsidies in May 2023, the cost of petrol has surged from under ₦200 to over ₦1,100 per litre, and the naira’s exchange rate has plummeted to over ₦1,600 per dollar. Alongside these challenges, electricity tariffs have also risen sharply, further burdening households and businesses.
Tinubu urged Nigerians to adopt resource management practices in response to these economic shifts. "It’s not negative to learn to manage. Control your electricity bill, switch off unused lights," he advised.
This policy shift, although controversial, aims to address longstanding fiscal imbalances. However, critics argue that it disproportionately affects the average Nigerian, with reports of businesses struggling under a 450% increase in fuel costs.
