President Bola Tinubu recounted a personal story of a friend whose lifestyle drastically changed following the removal of fuel subsidies.
Once the owner of five Rolls-Royces, the friend now drives a Honda, citing the soaring cost of petrol as the reason for the adjustment.
Tinubu shared the story on Monday while speaking with reporters at his residence in Ikoyi, Lagos.
He used the anecdote to illustrate the wider economic shifts brought about by his administration’s decision to eliminate fuel subsidies.
“My friend had five Rolls-Royces,” Tinubu said. “Recently, I saw him in a Honda. He told me, ‘You put me here,’ and I replied that it wasn’t me—it’s the fuel price.”
Since Tinubu’s inauguration in May 2023, the removal of fuel subsidies and rising electricity tariffs have significantly increased living expenses.
Petrol prices have surged from under ₦200 per litre to over ₦1,100, while the naira’s exchange rate has fallen from ₦700/$ to more than ₦1,600.
Acknowledging the economic difficulties, Tinubu urged Nigerians to adapt by managing resources better.
He also emphasized the importance of reducing energy consumption amid rising electricity bills.
“It’s not negative to learn to manage,” he said. “Turn off lights when not needed. Let’s learn to manage our resources wisely.”
(AFRIPOST)