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Chairman of Dangote Group, Aliko Dangote urged the Federal Government to stop the fuel subsidy, saying it is the right time to do so.
In an interview with Bloomberg TV on Monday, the billionaire insisted that the Nigerian government can’t afford to sustain petrol subsidy.
Recall that on May 29, 2023, President Bola Tinubu had declared an end to fuel subsidy during his inauguration speech in Abuja.
The end of the fuel subsidy regime had led to an increment in the pump price of fuel across the country.
However, Dangote said: “Subsidy is a very sensitive issue. Once you are subsidising something then people will bloat the price and then the government will end up paying what they are not supposed to be paying. It is the right time to get rid of subsidies.”
“But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day.
“Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.”