Dangote also argued that the price of gasoline in Nigeria is about 60 per cent of the price it is sold in neighbouring countries
By Kehinde Okeowo
Chairman of Dangote Group, Aliko Dangote, has advised the President Bola Tinubu-led government to stop subsidizing Premium Motor Spirit (PMS) otherwise called petrol.
The business mogul gave the advice on Monday during an interview with Bloomberg TV.
According to him, fuel subsidy would lead to the federal government “paying what they are not supposed to be paying”, adding that it is not sustainable.
On May 29, 2023, President Tinubu had declared an end to fuel subsidy during his inauguration speech in Abuja.
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The end of the fuel subsidy regime led to an increment in the pump price of petrol across the country.
However, many stakeholders have continued to argue that the government is still subsidizing petrol because of the volatile exchange rate in the country.
Speaking on the development, Dangote said the FG must stop subsidizing petrol because other countries are no longer doing so.
He further argued since our price of gasoline is about 60 per cent the price of our neighbouring countries, efforts to subsidize the product will be sabotaged
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 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.”
