President Bola Tinubu has called on Nigerians to adopt better management strategies to reduce electricity expenses, emphasizing personal responsibility amid rising energy costs. Speaking to reporters at his residence in the upscale Ikoyi area of Lagos on Monday, Tinubu urged citizens to take proactive steps.
“It’s not negative to learn to manage. You learn to control your electricity bill; switch off the light. Let’s learn to manage,” Tinubu said.
The President dismissed any possibility of implementing price controls, instead advocating for a free-market economy. “I don’t believe in price control. We will work hard to supply the market,” he stated.
Since Tinubu’s inauguration in May 2023, the country has faced a steep rise in energy costs due to the removal of petrol subsidies and increased electricity tariffs. Petrol prices surged from under N200 per litre to over N1,100 in many regions, while the naira plummeted from approximately N700/$ to N1,600.
Addressing criticism over the size of his 48-member cabinet, Tinubu stood firm, stating he had no plans to reduce its size. “I am not ready to shrink the size of my cabinet,” he said, emphasizing that efficiency and competence guided his appointments.
The President also defended his decision to scrap the petrol subsidy, which he described as unsustainable and detrimental to the nation’s economic future. “I don’t have any regrets whatsoever about removing the petrol subsidy. We were spending our future and deceiving ourselves. That reform was necessary,” he asserted.
Tinubu noted that the subsidy removal had encouraged competition in the petroleum sector, leading to reduced pump prices. “The market is being saturated. No monopoly, no oligopoly a free-market economy flowing,” he said.
Reiterating his commitment to reforms, Tinubu stressed that Nigeria could no longer afford to act as “Father Christmas” to neighboring countries by subsidizing fuel consumption.
The President’s remarks underscore his administration’s focus on market-driven policies, even as citizens grapple with the ripple effects of these significant economic changes.
