President Bola Tinubu shared a story about how his friend had to downgrade from owning five Rolls Royce cars to driving a Honda Accord because of the high fuel prices.
This revelation was made during Tinubu’s presidential media chat at his home in Lagos State.
According to Tinubu: “My friend used to have about five Rolls-Royces; the other day I saw him in his Honda; he said that is when you (Tinubu) out 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.”
The fuel subsidy regime ended by Tinubu after his inauguration on May 29, 2023, resulted in a significant increase in petrol prices, jumping from under N200 per litre to over N1,100 nationwide.
Additionally, the exchange rate of the naira also saw a decline from around ₦700/$ to over ₦1,600 under Tinubu’s leadership.
