The Chairman of the Dangote Group Aliko Dangote, has called on the federal government to immediately end fuel subsidy. The erstwhile Richest man in Africa made the call during an interview with Bloomberg TV on Monday.
According to him, subsidy removal would assist in determining the country’s actual petrol consumption, adding that fuel production from the Dangote refinery will help ease pressures on the naira.
While speaking on the interview, Dangote averred that petroleum products consume about 40 percent of Nigeria’s foreign exchange, adding that “can actually stabilize the naira.”
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The billionaire also revealed the details of the pricing disagreement that occurred with the Nigerian National Petroleum Company Limited, clarifying that discussions are still ongoing and a detailed agreement is to be finalised on the planned crude oil sales anticipated to begin in October.
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