“How My Friend Dumped His Rolls-Royces for Honda after Fuel Hike,” Tinubu Speaks, Video Trends

• President Bola Ahmed Tinubu on Monday, held a media chat to address key topical issues in the country
• Interestingly, President Tinubu shared how his policies, particularly the fuel subsidy removal, taught Nigerians, even the elites to manage
• Tinubu defended his reform policies and also shared the story of his friend who went from driving five Rolls-Royces to driving a Honda due to the cost price of fuel

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

President Bola Ahmed Tinubu has narrated the story of how his friend transitioned from driving five Rolls-Royces to a Honda due to the rising cost of petrol.

Tinubu shares story to explain subsidy impact

President Tinubu shared this story as an instance of the removal of fuel subsidies on Monday, December 23, in a chat with reporters at his Bourdillon residence in the Ikoyi area of Lagos state.

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The president used the story to defend 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 where you (Tinubu) put 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.”

Impact of subsidy removal

Legit.ng reported that Tinubu ended the fuel subsidy on May 29, 2024, a move initially lauded but has led to spiral inflation.

Also, the naira's value has depreciated and is currently trading above N1,680 in the official market and N1,700 in the black market.

Similarly, the price of fuel has increased by over 500% and is now selling at N1,100 to N1,300 per litre, depending on the location.

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Tax reform, fuel subsidy: 7 key issues Tinubu addressed during media chat

However, both reforms have been painful to Nigerians, shooting up the cost of living in the nation.

Tinubu urges Nigerians to manage

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.”

Watch Tinubu's video below:

Read more about Tinubu's fuel susbidy removal here:

• "To reduce impact of subsidy removal": FG launches free CNG bus ride in Abuja
• Nigerian govt shares benefit of fuel subsidy removal as Dangote slashes petrol price

Governors back Tinubu

Earlier, Legit.ng reported that the 36 state governors said they were aware Nigerians were hungry but expressed appreciation for President Tinubu's reforms.

The governors’ position came as the group chief executive officer (CEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, who briefed them at the meeting, confirmed that total fuel subsidy removal had now been completed in the country.

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President Tinubu explains why he won’t reduce his cabinet size

Speaking with journalists, Governor Hope Uzodimma of Imo state disclosed that the governors pray that relief should come to the people as soon as possible.

Source: Legit.ng