• About
  • Advertise
  • Contact
Thursday, October 23, 2025
  • Login
Vital News
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security
No Result
View All Result
Vital News
No Result
View All Result
Home Oil & Gas

Aliko Dangote Advocates Complete Removal Of Fuel Subsidies

Vital News by Vital News
September 24, 2024
in Oil & Gas
0
We Have Not Fixed Petrol Price — Dangote
Share on FacebookShare on Twitter

Alhaji Aliko Dangote, President and Chief Executive of Dangote Group, has urged the Nigerian Federal Government to fully eliminate fuel subsidies,

Dangote noted that it would help determine the country’s actual petrol consumption and alleviate financial strain.

In a recent interview with Bloomberg Television, Dangote emphasized that removing subsidies would prevent inflated pricing and unnecessary government spending.

Dangote explained that once his $20 billion refinery, located in Lagos, becomes fully operational, it will refine 650,000 barrels of crude oil per day.

He believes this development will help stabilize the naira by reducing the country’s dependence on imported petroleum products.

RelatedStories

Malabu Oil & Gas Limited Drags CAC To Court Over Alleged Illegal Deregistration

Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

NEPZA Says Strikes Not Allowed In Free Trade Zones

According to him, petroleum products account for about 40% of Nigeria’s foreign exchange expenditures.

He further revealed that Nigeria has long struggled with inflated fuel consumption estimates, with figures ranging between 60 million litres of gasoline daily.

Dangote argued that domestic fuel production would bring transparency to consumption figures.

His refinery, which started supplying fuel to the Nigerian National Petroleum Company Limited (NNPCL) on September 15, will track all sales to ensure accountability.

Although Dangote acknowledged the sensitivity surrounding subsidies, he stressed that now is the right time to end them.

He highlighted the ongoing pricing discussions with NNPCL and confirmed that his company had offered fuel at a lower price than imported alternatives.

Despite this, Dangote emphasized that pricing decisions ultimately rest with the government.

In addition to refinery operations, Dangote announced the ownership of two oil blocks in the upstream sector, with production expected to commence soon.

He also disclosed ongoing negotiations with the government regarding a deal to sell crude oil domestically in naira, which could further alleviate pressure on the naira.

Meanwhile, the Federal Government has announced plans to provide land for tanker parks near the refinery.

This follows concerns raised by the Minister of Works, Dave Umahi, about the impact of static loads from over 3,000 fuel tankers on newly constructed roads.

The plan aims to prevent road deterioration, similar to what occurred in the Apapa area of Lagos.

Dangote’s statements align with broader government efforts, under President Bola Tinubu, to gradually eliminate fuel subsidies, which have historically been a significant drain on national resources, costing Nigeria $10 billion in 2022 alone.

The shift is expected to bring relief to the naira while supporting the country’s long-term economic stability.
(Bloomberg / vitalnewsngr.com)

Tags: DangotePetrolremovalsubsidy
Previous Post

Major Highlights Of Decisions At Federal Executive Council Meeting Held On Monday, September 23, 2024

Next Post

NBA Scores INEC, Security High Over Peaceful Governorship Election In Edo

Vital News

Vital News

RelatedStories

Malabu Oil & Gas Limited Drags CAC To Court Over Alleged Illegal Deregistration
Judiciary

Malabu Oil & Gas Limited Drags CAC To Court Over Alleged Illegal Deregistration

October 17, 2025
Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives
Environment

Niger Delta Peace Gains Momentum as Lokpobiri Backs Tompolo’s Initiatives

October 15, 2025
PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence
Economy

PMI Endorses Dangote Refinery As A Global Benchmark For Project Excellence

October 14, 2025
NEPZA Says Strikes Not Allowed In Free Trade Zones
Labour

NEPZA Says Strikes Not Allowed In Free Trade Zones

October 10, 2025
Dangote Spends N720bln To Acquire 4,000 CNG Trucks, Begins Free Distribution Of Fuel August 15
Labour

False, Malicious, And Misleading, Reports That We Import Bad Fuel – Dangote Refinery

October 10, 2025
Next Post
NBA Scores INEC, Security High Over Peaceful Governorship Election In Edo

NBA Scores INEC, Security High Over Peaceful Governorship Election In Edo

INEC Ready With 142 Recommendations To Improve Electoral Process – Mahmood

Edo Guber Election : IMPI Counters Claim By CSO Coalition, Describes Allegations As Pro- PDP Hatchet Job

Adeleke Reduces Work Days To Three, Four Days For Osun Workers

Adeleke Reduces Work Days To Three, Four Days For Osun Workers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Follow Us

Recommended

Supreme Court Fixes Oct. 22 For Hearing In Suit Challenging EFCC’s Establishment Act By 16 States

Illegality Of EFCC : All Eyes On The Supreme Court By Ibrahim Gusau

1 year ago
Army Armourer, 17 Other Soldiers, 15 Mobile Police Officers, Traditional Ruler Arrested For Selling Arms To Criminals

Troops Eliminate Notorious Terror Leader, Abu Fatima In Borno

5 months ago
NDLEA Intercepts 2.60kg Cocaine Concealed In Vehicle Side Mirrors At Lagos Airport

NDLEA Intercepts 2.60kg Cocaine Concealed In Vehicle Side Mirrors At Lagos Airport

3 months ago
Minister Of Steel Devt., Audu Flags Off Free Distribution Of Food Items, Fertilizer In Kogi

Minister Of Steel Devt., Audu Flags Off Free Distribution Of Food Items, Fertilizer In Kogi

1 year ago

Instagram

    Please install/update and activate JNews Instagram plugin.

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

Topics

Abiodun Abuja APC arrest Atiku Bandits Bello Benue Buhari CBN cement Court Dangote death dies drugs Economy EFCC Election FG gunmen Hajj INEC Kano kidnap Kill Kogi Kwara Lagos NDLEA Niger Nigeria Ododo Ogun Oyo PDP Police Power refinery rescue road Security students Tinubu US
No Result
View All Result

Highlights

Trailer Crushes Female University Lecturer To Death In Lokoja

Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

FG Warns Buyers To Stay Off ARCEDEM, Radio Nigeria Land, Four Other Landed Property In Oyo

‎IMPI Revises Inflation Rate Projection To 14% From 17% For December

National Orthopedic Hospital Jalingo Signs MoU With Police Health Maintenance Limited

Former Kogi Senator In Trouble Over Attempts To Scuttle Appointment Of Amupitan As INEC Chairman, Action Raises Dust Among Kinsmen

Trending

Professor Amupitan Resumes Office As New INEC Chairman
News

Professor Amupitan Resumes Office As New INEC Chairman

by Vital News
October 23, 2025
0

Professor Joash Amupitan on Thursday resumed office as the new Chairman of the Independent National Electoral Commission...

Dangote Denies Ownership Of Truck Involved In Enugu Accident

Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident

October 23, 2025
Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman

October 23, 2025
Trailer Crushes Female University Lecturer To Death In Lokoja

Trailer Crushes Female University Lecturer To Death In Lokoja

October 23, 2025
Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

Governor Adeleke Appoints Davido Chairman Of Osun State Sports Trust Fund

October 22, 2025
ADVERTISEMENT
Vital News

Vital News is an online newspaper with a mission to uphold professional journalism by reporting and publishing only facts and figures-based news reports across Nigeria and beyond.

Recent News

  • Professor Amupitan Resumes Office As New INEC Chairman October 23, 2025
  • Dangote Group Denies Ownership Of Truck In Akungba-Akoko Accident October 23, 2025
  • Former Minister, Tanimu Turaki, Emerges Northern PDP Consensus Candidate As National Chairman October 23, 2025

Categories

  • Agriculture/ Water/ Mineral
  • Aviation
  • Business
  • Crime
  • Culture
  • Economy
  • Education
  • Entertainment
  • Environment
  • Football
  • Foreign
  • Gender
  • Health
  • Judiciary
  • Labour
  • Maritime/ Marine Transport
  • National
  • News
  • Oil & Gas
  • Opinion
  • Opinion
  • Politics
  • Power
  • Religion
  • Security
  • Sports
  • Tourism
  • Transport
  • Uncategorized

© 2022 Vital News - . All Rights Reserved.

No Result
View All Result
  • Frontpage
  • Business
  • Economy
  • Politics
  • National
  • Opinion
  • Sports
  • More
    • Crime
    • Judiciary
    • Security

© 2022 Vital News - Vital News by Vital News.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In