President Bola Tinubu recounted a personal anecdote about a friend who transitioned from owning five Rolls-Royces to driving a Honda due to rising fuel prices.
In a discussion with reporters at his Bourdillon residence in Ikoyi, Lagos, Tinubu used this story to highlight the broader implications of his administration’s decision to remove fuel subsidies and emphasized the need for Nigerians to adapt to the evolving economic landscape.
He shared, “A friend of mine used to have about five Rolls-Royces; recently, I saw him in a Honda. He told me that since you (Tinubu) became president, he could no longer afford his luxury vehicles because of fuel prices.”
Since Tinubu’s inauguration in May 2023, the elimination of fuel subsidies and increases in electricity rates have significantly impacted living costs. Petrol prices have skyrocketed from below ₦200 per liter to over ₦1,100 in some regions, while the naira’s exchange rate has fallen from around ₦700 to over ₦1,600 per dollar.
Amid the ongoing economic challenges, Tinubu urged Nigerians to adopt more effective resource management strategies. He underscored the importance of reducing energy consumption to cope with rising electricity costs, stating, “Managing our resources is not a negative thing. We need to learn to control our electricity bills; for instance, turning off lights when they’re not needed is a step in the right direction.”
