“It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage,” the President said.
Tinubu dismissed the notion of imposing price controls on energy, stating, “I don’t believe in price control; we will work hard to supply the market.”
The comments come amid a surge in living costs following major reforms initiated by Tinubu’s administration, including the removal of petrol subsidies and an increase in electricity tariffs. Since May 2023, petrol prices have skyrocketed from under ₦200 per litre to over ₦1,100, while the naira has depreciated significantly, currently trading at around ₦1,600/$ in parts of the country.
In April 2024, the Nigerian Electricity Regulatory Commission (NERC) raised tariffs for Band A customers, increasing rates from ₦66 to ₦225 per kilowatt-hour. The hike, coupled with inflation and dwindling purchasing power, has fueled public outcry.
The President reiterated his stance on subsidy removal, defending it as a necessary reform to safeguard Nigeria’s economic future. “We are spending our future, and we cannot continue to deceive ourselves,” Tinubu remarked earlier in the chat.
While Tinubu’s administration faces criticism for the economic hardships Nigerians are experiencing, the President insists his policies are aimed at long-term stability and growth, urging citizens to adopt a mindset of efficiency and conservation in their daily lives.
