FG must end petrol subsidy now – Dangote

Aliko Dangote, president of Dangote Group, has called for the immediate removal of fuel subsidies in Nigeria, emphasizing its importance for revealing accurate petrol consumption and reducing government waste. In an interview with Bloomberg, he highlighted his upcoming oil production from two blocks and his $20 billion Lekki refinery, which will process 650,000 barrels per day. Dangote believes ending subsidies will prevent price inflation and save the government significant funds, while his refinery will bring clarity to Nigeria’s fuel usage. Despite the refinery’s capabilities, he acknowledged that the ultimate decision on subsidies lies with the government. Following President Bola Tinubu’s announcement to end subsidies in May 2023, fuel prices tripled, while the naira depreciated significantly, raising concerns about Nigeria’s economic stability.