Aliko Dangote, Chairman of the Dangote Group, has called on the Nigerian government to end the fuel subsidy regime, stating that it is no longer sustainable.
In an interview with Bloomberg TV on Monday, Dangote explained that the fuel subsidy forces the government to spend unnecessarily. “Fuel subsidy would lead to the Nigerian government paying what they are not supposed to be paying,” he said, emphasizing the urgent need to end it.
Dangote further argued that Nigeria can no longer afford the cost of maintaining the petrol subsidy, which has placed a strain on the country’s finances.
President Bola Tinubu had previously declared an end to the fuel subsidy on May 29, 2023, during his inauguration speech, a move that resulted in increased fuel prices nationwide.
Dangote expressed his support for the government’s decision, stating: “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.”
He concluded by saying, “Government cannot afford the amount of subsidies we are paying.”
