The President of Dangote Group, Alhaji Aliko Dangote, has urged the Federal Government to remove the Fuel subsidy, emphasizing that it would help determine the country’s actual petrol consumption and relieve pressure on the Naira. Speaking in an interview with Bloomberg Television in New York, Dangote pointed out that subsidy inflates costs, leading the government to pay more than necessary.
Dangote, whose $20 billion refinery in Lagos is expected to play a major role in Nigeria’s oil sector, noted that the refinery would bring transparency to the country’s petrol consumption. “Right now, no one can accurately say how much petrol we consume daily, but with our refinery, every drop can be tracked,” Dangote said.
He further highlighted the economic benefits of the refinery, stating that domestic production and reduced petroleum imports would ease the pressure on Nigeria’s foreign exchange. Dangote added, “Petroleum products consume about 40% of foreign exchange. By producing locally, we will lessen that burden and improve the Naira’s stability.”
Despite calling for the subsidy removal, Dangote emphasized that the final decision lies with the government. However, he believes the time is right to phase out the subsidy to create a more sustainable economic environment.
Stay tuned to 9am News Nigeria for more Breaking News, Finance News, Sports updates And Entertainment Gists.
