Dangote tasks FG to remove fuel subsidy completely

By Matthew Denis

The President and Chief Executive Officer of Dangote Group, Aliko Dangote has called on the federal government to remove fuel subsidies completely.

Speaking during a 26-minute interview with Bloomberg Television in New York, Dangote highlighted the need for Nigeria to end its fuel subsidy system, which he argued is unsustainable for the economy.

According to Dangote, removing subsidies will allow the government to better determine Nigeria’s actual petrol consumption, a critical step in managing the country’s energy resources.

He emphasized that his recently commissioned $20 billion refinery in Lagos, capable of refining 650,000 barrels of crude oil daily, will play a vital role in addressing Nigeria’s fuel supply needs and stabilizing the economy.

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.”

“But this refinery will resolve a lot of issues out there, you know, it will show the real consumption of Nigeria, because, you know, nobody can tell you. Some people say 60 million litres of gasoline per day.

“Some say, it’s less. But right now, if you look at it by us producing, everything can be counted. So everything can be accounted for, particularly for most of the trucks or ships that will come to load from us. We are going to put a tracker on them to be sure they are going to take the oil within Nigeria, and that, I think, can help the government save quite a lot of money. I think it is the right time, you know, to remove the subsidy.”