It’s time to end fuel subsidy payments – Dangote

The founder of Dangote Petroleum Refinery, Aliko Dangote has said it’s time for the F.G to end the fuel subsidy regime.

In an interview with Bloomberg on Monday Dangote said fuel subsidies would lead to the government “paying what they are not supposed to be paying,” hence the need to end it

The business mogul insisted that the President Tinubu-led government can’t afford to sustain petrol subsidies payment. During his inauguration speech on May 29, 2023, President Tinubu had declared an end to fuel subsidy but quickly reinstated it as inflation spiked.

ALSO READ: Dangote: Our petrol was 20% cheaper than NNPC’s import price

Another step to ending it was taken in early September when the cap on gasoline was eased — though the price remains below the market level

However, Dangote 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% the price of our neighbouring countries & we have porous borders, so it is not sustainable. Government cannot afford the amount of subsidies we are paying