Nigeria’s Fuel Subsidy Debate: Aliko Dangote’s Call for Removal Sparks Controversy
Aliko Dangote, the billionaire owner of the 650,000 barrels per day crude oil refinery in Lagos, has called for the complete removal of fuel subsidy in Nigeria. However, Dr. Doyin Okupe, a former Presidential spokesperson, has disagreed with Dangote’s suggestion, arguing that the government should provide some level of succour to Nigerians through local refineries.
In an interview with Bloomberg, Dangote stated that the time was right to end fuel subsidy, which he claimed had cost the country trillions of naira. However, Okupe believes that the removal of subsidy would have a negative impact on the economy and the masses.
According to Okupe, petrol is the economic oxygen of Nigerians, and the government should provide some level of comfort to the people. He suggested that the government allocate 450,000 barrels a day for local consumption and sell it cheaply to determine the average pump price of PMS (Premium Motor Spirit) in the country.
Okupe also commended President Bola Tinubu’s administration for its bold step in removing fuel subsidy and eliminating multiple exchange rates. He believes that the President’s reforms have taken root in the economic system and that the country is on the right track.
The debate surrounding fuel subsidy in Nigeria is a complex one, with different stakeholders having different opinions on the matter. While some argue that the removal of subsidy would lead to a more efficient and competitive market, others believe that it would have a negative impact on the economy and the masses.
As Nigeria continues to grapple with the issue of fuel subsidy, it is clear that there is no easy solution. However, one thing is certain – the debate will continue to rage on, with different stakeholders having different opinions on the matter.
