Aliko Dangote, President of Dangote Group, has urged the Federal Government to end petrol subsidies to promote transparency in petrol consumption.
In an interview with Bloomberg Television, Dangote stated, “Subsidy is a susceptible issue. Once you subsidize, people will bloat the price, and the government will end up paying what it’s not supposed to pay.”
Dangote’s $20 billion Lagos refinery aims to:
Resolve issues surrounding petrol consumption
Track consumption accurately
Save government funds
Reduce pressure on the naira by 40%
A deal with the Nigerian National Petroleum Company (NNPC) secures 12 million barrels of crude oil for October, ensuring energy security.
Dangote emphasized that subsidy removal depends on the government, adding, “The removal of subsidy depends on the government and not on us. We cannot change the price, but I think the government will have to give up something for something.”
The Dangote refinery is poised to transform Nigeria’s energy landscape.
Vanguard.
