President Bola Tinubu has encouraged Nigerians to adopt practical energy-saving habits to address the rising costs of electricity.
Speaking during a media chat at his Ikoyi residence in Lagos, the President stressed the importance of managing energy consumption.
“Learning to manage isn’t negative. Control your electricity usage—switch off the light when it’s not needed. Let’s adopt these habits to cope,” he said.
Rising Energy Costs
Since Tinubu’s administration began in May 2023, Nigerians have faced steep increases in energy costs. Key factors include:
Electricity tariffs: A hike in April 2024 saw Band A users paying ₦225/kWh, up from ₦66/kWh.
Petrol prices: Surged from below ₦200/litre to over ₦1,100/litre nationwide.
Naira depreciation: The currency value fell from ₦700/$ to as low as ₦1,600/$.
These increases have led to widespread public outcry, as citizens grapple with inflation and reduced purchasing power.
No Regrets on Subsidy Removal
Defending his reforms, Tinubu said the removal of the fuel subsidy was necessary to free up resources for long-term investments. “The subsidy was draining our economy and jeopardizing our future,” he stated.
Economic Challenges Persist
The rising costs of living have added pressure on Nigerians, prompting calls for immediate solutions to ease economic hardships. Tinubu, however, dismissed price control measures, instead focusing on boosting market supply.
“We will work hard to meet market demand. That’s the sustainable approach,” he said.
