By: Bayero Ade
During his Presidential Media Chat on Monday, President Bola Tinubu shared a personal anecdote about a friend whose lifestyle drastically changed due to the removal of fuel subsidies.
The friend, who once owned five Rolls-Royces, now drives a Honda, attributing the adjustment to the rising cost of fuel.
Tinubu recounted the story while speaking with reporters at his Ikoyi residence in Lagos, using it to highlight the broader economic shifts caused by his administration’s policy changes.
“My friend had five Rolls-Royces,” Tinubu explained. “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 increasing electricity tariffs have significantly raised living costs. Petrol prices have risen from under ₦200 per litre to over ₦1,100, and the naira’s exchange rate has dropped from ₦700/$ to more than ₦1,600.
While acknowledging the economic hardships, Tinubu urged Nigerians to adjust by managing their resources more efficiently.
“It’s not negative to learn to manage,” he said. “Turn off lights when not needed. Let’s learn to manage our resources wisely.”
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