My friend dumped his five Rolls-Royces for Honda after fuel price hike — Tinubu

President Bola Tinubu shared a personal story of a friend who transitioned from driving five Rolls-Royces to a Honda due to the cost of petrol.

Tinubu tells this story as an instance of the removal of fuel subsidies on Monday in a chat with reporters at his Bourdillon residence in the Ikoyi area of Lagos State.

The president used the story to show the larger implications of his administration’s removal of fuel subsidies and the need for Nigerians to adapt to the evolving economic landscape.

He said, “My friend used to have about five Rolls-Royces; the other day I saw him in his Honda; he said that is when you (Tinubu) out me, then I said I didn’t put you there, he said because of fuel price, he could no longer manage a five-limo type of vehicle.”

READ ALSO: 450% fuel price hike pushing businesses to brink, LCCI decries

Since Tinubu’s inauguration in May 2023, the removal of fuel subsidies and an increase in electricity tariffs have significantly raised living costs.

Petrol prices have soared from under ₦200 per litre to over ₦1,100 in many parts of the country, while the naira’s exchange rate plummeted from around ₦700/$ to over ₦1,600.

Amid the economic strain, Tinubu, however, urged Nigerians to adopt better resource management practices.

He also noted the importance of reducing energy consumption to cope with rising electricity bills.

“It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage.”