President Bola Ahmed Tinubu has narrated the story of how his friend transitioned from driving five Rolls-Royces to a Honda due to the rising cost of petrol.
President Tinubu shared this story as an instance of the removal of fuel subsidies on Monday, December 23, in a chat with reporters at his Bourdillon residence in the Ikoyi area of Lagos state.
The president used the story to defend the larger implications of his administration’s removal of fuel subsidies and the need for Nigerians to adapt to the evolving economic landscape.
He said:
“My friend used to have about five Rolls-Royces; the other day I saw him in his Honda; he said that is when you (Tinubu) out me, then I said I didn’t put you there, he said because of fuel price, he could no longer manage a five-limo type of vehicle.”
Impact of subsidy removal
Legit.ng reported that Tinubu ended the fuel subsidy on May 29, 2024, a move initially lauded but has led to spiral inflation.
Also, the naira’s value has depreciated and is currently trading above N1,680 in the official market and N1,700 in the black market.
Similarly, the price of fuel has increased by over 500% and is now selling at N1,100 to N1,300 per litre, depending on the location.
However, both reforms have been painful to Nigerians, shooting up the cost of living in the nation.
Tinubu urges Nigerians to manage
Amid the economic strain, Tinubu, however, urged Nigerians to adopt better resource management practices.
He also noted the importance of reducing energy consumption to cope with rising electricity bills.
“It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage.”
Watch Tinubu’s video below:
Governors back Tinubu
Earlier, Legit.ng reported that the 36 state governors said they were aware Nigerians were hungry but expressed appreciation for President Tinubu’s reforms.
The governors’ position came as the group chief executive officer (CEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, who briefed them at the meeting, confirmed that there was now total fuel subsidy removal in the country.
Speaking with journalists, Governor Hope Uzodimma of Imo state disclosed that the governors’ prayer is that relief should come the way of the people as soon as possible.
