Dangote Explains Why Tinubu Should End Fuel Subsidy (Video)

Aliko Dangote, the founder of Dangote Petroleum Refinery, has urged the Tinubu administration to put an end to Nigeria’s long-standing fuel subsidy regime, highlighting its unsustainable financial burden on the government.

Speaking in an interview with Bloomberg on Monday, Dangote explained that the continuation of fuel subsidies results in the government “paying what they are not supposed to be paying,” and emphasized the need for immediate reform.

According to Dangote, the current structure is no longer feasible. “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 of the price in our neighbouring countries, and we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying,” he stated.

Reflecting on the broader implications of fuel subsidies, Dangote noted, “Subsidy is a very sensitive issue. Once you are subsidising something, then people will inflate the price, and the government will end up paying more than they should. It is the right time to get rid of subsidies.”

The billionaire industrialist expressed confidence that his refinery will address several challenges facing the nation, particularly by revealing the true consumption rates of Nigeria and easing the fiscal strain on the economy.

Watch the video below;

Dangote’s comments come as the debate over fuel subsidies continues to be a contentious issue in Nigeria, with many calling for reforms to better manage the country’s finances and improve its economy.
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