Dangote Under Fire Over Demands For Petrol Price Increase In Nigeria

Dangote has come under fire over demands for petrol price increases in Nigeria amid hunger and hardship.

 

NewsOnline Nigeria reports that the Former Director-General of Peter Obi’s Presidential Campaign Organization, Dr. Doyin Okupe, has expressed his disagreement with billionaire Aliko Dangote’s suggestion that the government should fully eliminate fuel subsidies.

 

In a statement shared today on his official Twitter account, Okupe emphasized the critical role that petrol plays in the lives of Nigerians, unlike in many other countries.

 

According to Okupe, governments across the world recognize key sectors that are essential to their citizens’ well-being, such as transportation, housing, and health in Britain, and agriculture in the USA.

 

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These countries, he noted, maintain unwavering support for these sectors, regardless of political changes or economic pressures, even during times of war.

 

Okupe suggested that with the Dangote Refinery and others like Port Harcourt Refinery coming onstream, Nigeria is now in a favourable position to manage its fuel resources more effectively.

 

He advocated for the government to sell its 450,000 barrels per day crude allocation to local refineries at a significantly discounted price. This, Okupe argued, would lead to a sharp reduction in fuel prices, bringing much-needed relief to the Nigerian populace without affecting the national budget.

 

“He further highlighted the potential savings in foreign exchange and the broader economic benefits of this approach.

 

He tweeted, “SUBSIDY: I DISAGREE WITH DANGOTE. With utmost respect, I disagree with Aliko Dangote on his suggestion that the government should completely end subsidy now.

 

“Petrol is the economic oxygen of Nigerians, whether rich or poor. This is not the situation in other countries of the world.

 

“Hence, we cannot benchmark the disposition of our government with other governments of the world.
Governments all over the world identify what is the critical life-sustaining intervention required for the existence and well-being of their citizens and they remain committed to it.

 

“For Britain, these sectors are Transportation, Housing and health. For the USA, it is mainly Agriculture. These countries do not shift grounds on these critical sectors, no matter, which political party is in power, or whatever the prevailing economic condition is, even in War!

 

“After more than 1yr and wt the advent of the Dangote, Poet Harcourt & others coming on stream, fortune has smiled on Nigeria.

 

“We can use our 450,000 barrels/day crude allocation, which is not included in our OPEC quota to consolidate on the gains of the last 1yr & provide succour. We can afford to sell our crude to Dangote and other Refineries at a highly discounted price to achieve a massive reduction in Petrol pump price.

 

“It will not affect our budget, yet we will make major savings in forex outflow & relieve our people from the current economic hardship”.

 

Dr. Okupe’s comments add to the ongoing debate over fuel subsidies in Nigeria, with many stakeholders weighing the economic and social implications of various policy paths.