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Aliko Dangote, founder of the Dangote Petroleum Refinery, has called on the federal government to immediately remove the petrol subsidy, arguing that it has become unsustainable for Nigeria.
Speaking in an interview with Bloomberg TV on September 24, Dangote stated that continuing the subsidy burdens the government and distorts market prices, creating more financial strain.
“I think it is the right time to remove the subsidy because all countries have gotten rid of subsidies,” Dangote emphasized.
Furthermore, Dangote explained that the current system encourages price increases and mismanagement of resources, with some estimates of Nigeria’s fuel consumption ranging from 60 million liters per day or less.
He noted that his refinery, once fully operational, will track local sales and ensure that accurate consumption data is provided.
“Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria, and that can help the government to save a lot of money,” Dangote added.
Moreover, Dangote highlighted the price discrepancy between Nigeria and neighboring countries, pointing out that gasoline is significantly cheaper in Nigeria than in Saudi Arabia, a country known for its abundant oil resources.
He stressed that “the government cannot afford the amount of subsidies we are paying” and urged the government to “give up something for something” in order to create a sustainable energy market in the long term.
