President Bola Tinubu has encouraged Nigerians to adopt better energy management practices to reduce their rising electricity bills.
“It’s not a negative thing to learn to manage resources. Control your electricity bill by switching off lights when not in use. Let’s embrace a culture of prudent management,” Tinubu stated during a conversation with reporters on Monday.
The president, who is also a prominent figure in the All Progressives Congress (APC), dismissed the idea of implementing price controls to ease economic pressure.
“I don’t believe in price control. Instead, we will focus on increasing supply to meet market demands,” he added.
Since Tinubu’s inauguration in May 2023, Nigerians have faced escalating energy costs due to the removal of petrol subsidies and significant electricity tariff hikes. Petrol prices have surged from under N200 per litre to over N1,100 in several areas, while the naira has plummeted from approximately N700/$ to N1,600.
In April 2024, the Nigerian Electricity Regulatory Commission (NERC) raised tariffs for Band A customers from N66 to N225 per kilowatt-hour, a move that sparked widespread criticism given the economic strain on citizens.
Coupled with soaring food and commodity prices, these developments have plunged the country into what many describe as the worst cost-of-living crisis since independence.
However, Tinubu maintains that these reforms are essential to laying the foundation for long-term economic prosperity.
