Aliko Dangote, Chairman of the Dangote Group, has called on the Nigerian government to permanently end the fuel subsidy regime, stating that it is economically unsustainable. Dangote emphasized that the continued payment of fuel subsidies is placing a significant financial strain on the country, leading to the government “paying what they are not supposed to be paying.”
Speaking in an interview with Bloomberg TV on Monday, Dangote expressed the view that Nigeria can no longer afford to sustain the subsidy on petrol, especially given the current state of the economy.
“It is the right time to remove the subsidy,” Dangote said. “All countries have gotten rid of fuel subsidies, and our price of gasoline is about 60% of what our neighboring countries pay. With porous borders, the system is simply not sustainable.”
The conversation around fuel subsidies has intensified following President Bola Tinubu’s announcement on May 29, 2023, where he declared an official end to the subsidy regime during his inaugural speech. This decision led to an immediate hike in the pump price of fuel across the nation, sparking debates about its impact on the economy and everyday Nigerians.
Dangote stressed the importance of eliminating subsidies for Nigeria’s long-term economic stability, stating, “The government cannot afford the amount we are paying on subsidies, and it needs to stop.”
