President Bola Ahmed Tinubu has called on Nigerians to adopt financial discipline and better management practices in response to the rising cost of living.
Speaking during his inaugural Presidential Media Chat on Monday, Tinubu highlighted the importance of adjusting to economic realities, describing it as an opportunity to develop prudent habits rather than viewing it negatively.
To illustrate his point, he recounted a personal story about a wealthy friend who once owned five Rolls-Royce cars but recently switched to driving a Honda Accord due to the high cost of petrol.
Tinubu explained that this change underscores the need to adapt lifestyles to match current economic conditions. He also stressed that even small actions, such as switching off electricity can help manage rising expenses.
He said, “People are learning management. My friend used to have about five Rolls-Royces. The other day, I saw him in his Honda Accord.
“I asked, Why? He said, ’That’s where you put me,’ and I said, I didn’t put you there.
“He said because of the cost of the fuel price, he could no longer afford to maintain five limo types of vehicles.
“It is no negative to learn to manage. You should learn how to manage the electricity bill by switching off the light. Learn how to manage.”
Since his inauguration in May 2023, Nigerians have been grappling with a sharp increase in energy costs following the removal of the petrol subsidy and a hike in electricity tariffs.
Petrol prices had skyrocketed, climbing from an initial price of N185 per litre to over N1,100 in many areas. However, the products have experienced recent reductions and now sell between N935 to N1,020 per litre.
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