Aliko Dangote, the Chairman of Dangote Group, recently commented that it is high time for the Nigerian Government to put an end to the fuel subsidy program.
According to Dangote, the subsidy would result in the government paying for expenses that they should not be responsible for, making it necessary to discontinue the practice.
During an interview with Bloomberg TV, Dangote emphasized that the Nigerian government cannot continue to afford petrol subsidies.
This statement comes on the heels of President Bola Tinubu’s announcement during his inauguration speech on May 29, 2023, declaring an end to the fuel subsidy program.
Following the termination of the subsidy, there has been an increase in the pump price of fuel nationwide.
However, he 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.”
