Aliko Dangote, Chairman of Dangote Group, has urged the Nigerian government to end the fuel subsidy program, labeling it as unsustainable.
In an interview with Bloomberg TV, Dangote highlighted that the subsidy has caused the government to overspend, making it crucial to discontinue the practice. “The government can no longer afford to maintain the subsidy on petrol,” he stressed.
The fuel subsidy debate has intensified, particularly after President Bola Tinubu announced its removal during his inauguration on May 29, 2023. This decision triggered a sharp rise in fuel prices across the country.
Dangote expressed his support for the move, stating, “It is the right time to eliminate the subsidy, as many countries have already done so.
The price of gasoline in Nigeria is about 60 percent lower than in neighboring countries, and with porous borders, the current situation is not sustainable.”
He further emphasized that the heavy financial burden of subsidies is weighing down the government, making it an issue that requires immediate action.
