President Bola Tinubu on Monday urged Nigerians to “learn to manage” amid prevailing economic hardship characterised by unprecedented inflation and a rising cost of living under his watch.

In his first media chat at his residence in Ikoyi, Lagos, Mr Tinubu cited a personal example to illustrate how the economic challenges are also affecting the wealthy.

Mr Tinubu spoke of one of his friends who, after the removal of the fuel subsidy, could no longer afford fuel for his five Rolls-Royces due to soaring fuel prices.

“People are learning management,” Mr Tinubu said. “My friend used to have five Rolls-Royces. The other day, I saw him in his Honda Accord. He said that’s where I put him. I said, ‘I didn’t put you there.’ He said, ‘That is because of fuel prices. He could no longer afford five limo-type vehicles.’”

Mr Tinubu emphasised that such adjustments are not necessarily negative, urging Nigerians to switch off their light to reduce 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,” he said.

His comments come just months after he procured a new presidential jet, a decision that has been met with criticism, especially amid Nigeria’s ongoing economic downturn.

According to the National Bureau of Statistics, the country’s inflation rate has reached 34.6 per cent, with fuel prices skyrocketing from N145 to over N1,000 and the naira trading at approximately N1,700 to the dollar.

The administration’s policies, including the fuel subsidy removal and exchange rate unification, have triggered widespread protests.

In August, Nigerians took to the streets in a 10-day series of demonstrations under the hashtags #EndHunger and #EndBadGovernance, voicing opposition to Mr. Tinubu’s economic measures.