President Bola Tinubu has urged Nigerians to adopt improved energy management practices in light of escalating electricity costs.
During a recent media discussion at his residence in Ikoyi, Lagos, he emphasized the importance of learning to manage energy consumption, stating, “It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage.”
The President rejected the concept of price control, asserting, “I don’t believe in price control; we will work hard to supply the market.” Since Tinubu’s inauguration in May 2023, energy expenses have increased significantly following the removal of the petrol subsidy and a rise in electricity tariffs.
Petrol prices have surged from under ₦200 per liter to over ₦1,100 in certain regions, while the naira has dramatically depreciated, dropping from approximately ₦700 to as low as ₦1,600 per dollar. Tinubu defended his policy reforms, expressing no regrets about eliminating the fuel subsidy, which he claims was depleting the country’s resources and threatening future investments.
In April 2024, the electricity regulatory commission increased tariffs for Band A customers, raising rates from ₦66 to ₦225 per kilowatt-hour. This significant hike, combined with ongoing economic challenges, has sparked widespread discontent among Nigerians who are already facing inflation and declining purchasing power.
