Aliko Dangote, founder of Dangote Petroleum Refinery, has urged the federal government to end the fuel subsidy regime, saying it’s no longer sustainable.
In an interview with Bloomberg, Dangote argued that subsidies lead to inflated costs and strain Nigeria’s finances. He noted that fuel prices are 60% lower in Nigeria compared to neighboring countries, making the subsidy system ripe for exploitation.
Dangote’s refinery, which has started petrol production, is expected to help stabilize fuel supply and improve transparency in consumption.
He emphasized that ending the subsidy would save the government money and promote economic stability.