President Bola Tinubu has advised Nigerians to learn how to manage their resources and cut unnecessary expenses, particularly in light of increasing electricity bills. During a media chat on Monday evening, Tinubu emphasized the importance of adopting better energy management practices, such as controlling electricity bills and switching off lights when not in use.
The President also expressed his disapproval of price control, stating that his administration will focus on supplying the market instead. This stance has been met with criticism, as Nigerians continue to bear the brunt of rising electricity tariffs and petrol prices, which have skyrocketed from less than ₦200 per litre to over ₦1,100 in some areas.
Furthermore, the naira has significantly depreciated, falling from around ₦700/$ to as low as ₦1,600/$. The electricity regulatory commission’s decision in April to raise tariffs for customers under the Band A classification, increasing rates from ₦66 per kilowatt-hour to ₦225, has also drawn widespread criticism.
Tinubu defended his reforms, stating that removing the fuel subsidy was necessary to prevent the depletion of the country’s resources and ensure future investments. However, many Nigerians are struggling to cope with the economic hardships brought about by these policies.
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