Chairman of Dangote Group, Aliko Dangote has reiterated the need for Nigeria to end fuel subsidies, emphasizing that the government is spending excessively on subsidies, which it can no longer sustain.
In an interview with Bloomberg TV, the business magnate highlighted that maintaining the petrol subsidy would result in the government “paying what they are not supposed to be paying.”
Dangote’s remarks come after President Bola Tinubu officially announced the end of the fuel subsidy during his inauguration speech on May 29, 2023.
The subsidy removal has since led to a significant increase in fuel prices across Nigeria.
He explained that the subsidy was no longer viable, noting that Nigeria’s gasoline prices are about 60% lower than those in neighboring countries, making the system prone to abuse through porous borders.
“It is not sustainable,” Dangote added, stating that the government cannot continue to bear the high cost of subsidies.
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