The Chairman of the Dangote Group, Aliko Dangote has called for the Nigerian Government to terminate the fuel subsidy regime, labeling it as an unsustainable financial burden.
Dangote emphasized that the current subsidy system is leading the government to "pay what they are not supposed to be paying," making it imperative to end this practice. Dangote's stance aligns with President Bola Tinubu's declaration on May 29, 2023, during his inauguration speech in Abuja, where he announced the cessation of the fuel subsidy.
This policy shift has resulted in a significant increase in fuel prices across Nigeria. Dangote pointed out that the price of gasoline in Nigeria is about 60 percent lower than in neighboring countries, which is impractical given the porous borders. He stated, "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."
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