Chairman of Dangote Group, Aliko Dangote, has declared that it is time for the Nigerian Government to discontinue the fuel subsidy regime.
Dangote pointed out that fuel subsidies result in the Nigerian Government “paying what they are not supposed to be paying,” thereby highlighting the necessity of their end.
During an interview with Bloomberg TV on Monday, the business tycoon made it clear that the Nigerian Government cannot afford to continue subsidizing gasoline.
On May 29, 2023, during his inauguration speech in Abuja, President Bola Tinubu announced the cessation of fuel subsidies.
This decision resulted in an increase in fuel pump prices nationwide.
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.”
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