{"id":220223,"date":"2024-09-24T10:36:45","date_gmt":"2024-09-24T10:36:45","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/24\/its-time-for-fg-to-remove-fuel-subsidy\/"},"modified":"2024-09-24T10:36:45","modified_gmt":"2024-09-24T10:36:45","slug":"its-time-for-fg-to-remove-fuel-subsidy","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/24\/its-time-for-fg-to-remove-fuel-subsidy\/","title":{"rendered":"It&#8217;s Time For FG To Remove Fuel Subsidy"},"content":{"rendered":"<p><\/p>\n<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-937200\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/07\/20240715_075352.jpg\" alt=\"Dangote\" width=\"1080\" height=\"722\"  \/><br \/>Founder of Dangote Petroleum Refinery, Aliko Dangote, says this is the right time for the Federal Government to stop subsidy payment on Premium Motor Spirit.<\/p>\n<p>Dangote who spoke during an interview with Bloomberg TV on Monday, said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price.<\/p>\n<p>His words: \u201cI think it is the right time to (take away subsidy) because all countries have gotten rid of subsidy,\u201d he said.<\/p>\n<p><span class=\"td-adspot-title\">Advertisement<\/span><\/p>\n<p>Dangote said it would lead to the government \u201cpaying what they are not supposed to be paying.\u201d<\/p>\n<p>The petrol sold locally by his refinery, he said, will be tracked to ensure the consumption rate is accounted for.<\/p>\n<p>\u201cBut this refinery will bring quite a lot of issues out there. It would show the real consumption of Nigeria because nobody can tell. Some people say it is 60 million litres per day, some say it is less.<\/p>\n<p>\u201cBut right now, by us producing, everything can be counted and accounted for. Most of the trucks or ships that will load from us, we will put a tracker on them to be sure they are going to take the oil within Nigeria and that can help the government to save a lot of money.<\/p>\n<p>READ ALSO: NNPCL: No Point Celebrating When Dangote Petrol Price Is Higher Than Imported Ones \u2013 IPMAN<\/p>\n<p>\u201cFor example, Saudis, the citizens believe that oil is our god-given gift and should not charge us for it. Government was selling it at a very low price. But today, as we speak, gasoline is about 40 percent cheaper in Nigeria than in Saudi Arabia, which I think does not make sense.<\/p>\n<p>\u201cOur price of gasoline is about 60 percent the price of our neighbouring countrries and we have porous borders, so it is not sustainable. Government can not afford the amount of subsidies we are paying,\u201d the billionaire said.<\/p>\n<p>Speaking further on the viability of petrol subsidy, Dangote said it is the government\u2019s decision to either continue with or halt the payments.<\/p>\n<p>\u201cWe have a choice of exporting when we produce and we sell locally. We are a private company and it is true we have to make a profit,\u201d he said.<\/p>\n<p>\u201cWe built something worth $20 billion, and definitely we have to make money.<\/p>\n<p>\u201cThe removal of subsidy is totally dependent on the government, not on us.<\/p>\n<p>\u201cWe can not change the price but I think the government would have to give up something for something,\u201d he added.<\/p>\n<div class=\"code-block code-block-7\" style=\"margin: 8px auto; text-align: center; display: block; clear: both;\">\n<div data-advadstrackid=\"941128\" data-advadstrackbid=\"1\" class=\"infor-target\" id=\"infor-1038797103\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2024\/08\/FirstBank-Giant-Strides300x250.jpg\" alt=\"\" width=\"300\" height=\"250\"\/><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Founder of Dangote Petroleum Refinery, Aliko Dangote, says this is the right time for the Federal Government to stop subsidy payment on Premium Motor Spirit. Dangote who spoke during an interview with Bloomberg TV on Monday, said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":183671,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[],"class_list":["post-220223","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It&#039;s Time For FG To Remove Fuel Subsidy - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/09\/24\/its-time-for-fg-to-remove-fuel-subsidy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It&#039;s Time For FG To Remove Fuel Subsidy - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Founder of Dangote Petroleum Refinery, Aliko Dangote, says this is the right time for the Federal Government to stop subsidy payment on Premium Motor Spirit. Dangote who spoke during an interview with Bloomberg TV on Monday, said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price. 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Dangote who spoke during an interview with Bloomberg TV on Monday, said subsidy is a sensitive issue, adding that once a country subsidises the product, people would increase the price. 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