Aliko Dangote calls for the elimination of petrol subsidies, asserting that local production at his multi-billion-dollar refinery will help stabilize the naira, lower inflation, and reduce government expenditure.
In a recent statement, Aliko Dangote strongly advocated for the removal of petrol subsidy, citing it as essential for stabilizing the Nigerian economy. He pointed out that with the Dangote Refinery now operational, Nigeria can move away from relying on imported fuel. The removal of the subsidy, according to Dangote, would allow the government to save billions of dollars that are currently being spent unnecessarily, while also providing a clearer understanding of fuel consumption levels in the country.
The business magnate also highlighted how the removal of petrol subsidy would ease pressure on the Nigerian naira. By producing fuel locally instead of importing it, the country could significantly reduce its foreign exchange demands, which would help stabilize the currency. Dangote further noted that the current subsidy system inflates fuel consumption figures, creating inefficiencies in planning and budgeting.
Additionally, Dangote stressed that the removal of petrol subsidy could lower inflation and strengthen the nation’s fiscal position. He believes that funds saved from subsidy removal could be redirected toward critical sectors like healthcare, education, and infrastructure, providing long-term economic benefits. According to him, the operational success of his refinery would play a pivotal role in ensuring affordable and sustainable fuel supply, ultimately making the subsidy unnecessary.
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