I think it is the right time to get rid of Subsidy because all countries have gotten rid of subsidies,” Mr Dangote asserted.
The President of Dangote Group, Aliko Dangote, expressed his view that the Nigerian government should eliminate petrol subsidies in the country.
Mr. Dangote made these remarks during an interview with Bloomberg Television on Monday.
The prominent businessman elaborated that discontinuing the subsidy would facilitate the accurate determination of petrol consumption in the country and could also lead to a reduction in unnecessary government spending.
“Subsidy is a delicate matter. When something is subsidized, prices tend to be inflated, causing the government to bear unwarranted expenses.
“The cost of gasoline in our country is approximately 60% lower than that of our neighboring nations, and with our porous borders, this situation is not sustainable. The government cannot sustain the level of subsidies being paid.
” We face a decision between exporting our production or selling domestically. As a private enterprise, it is imperative for us to generate profit. We have invested in assets worth $20 billion, and profitability is essential.
The decision to eliminate subsidies rests solely with the government, not with us. While we are unable to alter prices, I believe the government will need to make concessions. Ultimately, I am of the opinion that the subsidy must be phased out,” he stated.
