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Remove Oil Subsidy, Exchange $1 For ₦500, Dangote Warns

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<b>LAGOS, NIGERIA - Africa's Richest man, Aliko Dangote, has warned the current government from removing subsidy on the sale of petroleum products in Nigeria.</b></div>
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"The issue with subsidy is that government needs to block all loopholes. If there's no subsidy, it will affect our foreign exchange, we'll end up buying a dollar at ₦500, because there's no VAT on petroleum products," he said in an interview published by <i><b>Vanguard </b></i>newspapers.</div>
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"That's why the import of petroleum products is taking about 30% of our foreign reserve. We just need to make sure that there's no siphoning of money. The refining business requires volume. If you don't have a massive volume, there's no way you'll make money. </div>
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"Most of the refineries in Africa are running at a big loss. It's not possible for government officials to successfully manage oil businesses. It's good enough if they remove the subsidy, but you can check with neighbouring countries like Senegal. </div>
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"If a poor person in Senegal can afford to pay subsidy, why can't a poor person in Nigeria afford to pay. I think there must be something for the masses, which should be in terms of power, social insurance, good education system, good roads etc," he added.</div>
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Remove Oil Subsidy, Exchange $1 For ₦500, Dangote Warns

LAGOS, NIGERIA - Africa's Richest man, Aliko Dangote, has warned the current government from removing subsidy on the sale of petro...

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Remove Oil Subsidy, Exchange $1 For ₦500, Dangote Warns

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