Advocacy for Better Management
In a recent statement, President Bola Tinubu encouraged Nigerians to enhance their skills in managing electricity usage to curb rising bills. During a media interaction at his residence in Ikoyi, Lagos, Tinubu emphasized, “It’s not negative to learn to manage. You learn to control your electricity bill, switch off the light, let’s learn to manage.”
Stance Against Price Control
The President, who is an All Progressives Congress (APC) leader, also made it clear that he opposes price control mechanisms. Instead, he highlighted his commitment to improving market supply, stating, “I don’t believe in price control, we will work hard to supply the market.”
Economic Reforms and Their Impacts
Since taking office in May 2023, President Tinubu’s administration has seen significant economic shifts. The removal of the petrol subsidy and subsequent tariff hikes have led to a dramatic increase in energy costs. Petrol prices have escalated from less than N200 per litre to over N1,100 in many areas, while the naira has depreciated significantly, moving from N700/$ to N1,600.
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Electricity Tariff Adjustments
Further economic strain was felt when, on April 3, 2024, the electricity regulator increased tariffs for Band A customers, raising the rate from N66 to N225 per kilowatt-hour. This adjustment has drawn widespread criticism due to its timing amidst a severe cost of living crisis in Nigeria.
Economic Challenges and Government’s Vision
President Tinubu’s policies have contributed to soaring food and commodity inflation, marking one of the most challenging economic periods since Nigeria’s independence. Despite these hardships, Tinubu defends his reforms as crucial steps toward steering the nation towards economic prosperity.
