Aliko Dangote, the founder of Dangote Petroleum Refinery, has stated that it is time for the Tinubu-led government to end the fuel subsidy regime.
In an interview with Bloomberg on Monday, Dangote said fuel subsidies would lead to the government “paying what they are not supposed to be paying,” hence the need to end it.
However, Dangote said: “I think it is the right time to take away the subsidy because all countries have gotten rid of the subsidy.
“Our price of gasoline is about 60 percent the price of our neighbouring countries and we have porous borders, so it is not sustainable.
“Government cannot afford the amount of subsidies we are paying.”
According to him, fuel production from his refinery will help ease pressures on the naira, and also confirmed ownership of two oil blocks in the upstream sector with an expected production date of next month.
He 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.”
Moreso, he explained that his refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria.
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