Fatshimetrie, a former presidential spokesman, Dr. Doyin Okupe, has expressed his disagreement with Alhaji Aliko Dangote’s call for the total removal of fuel subsidy.
In an interview with the News Agency of Nigeria (NAN) in Lagos, Okupe made his position clear. Dangote, who owns the 650,000 barrels per day crude oil refinery in Lagos, had urged the federal government to end the subsidy completely in an interview with Bloomberg.
Okupe said: “With all due respect, I disagree with Aliko Dangote’s suggestion that the government should end the subsidy completely now. Petrol is the economic oxygen of Nigerians, whether rich or poor. This is not the case in other countries of the world.”
Dr Okupe stressed that with the emergence of local refineries, some relief should be given to Nigerians. He proposed that with the allocation of 450,000 barrels per day for local consumption, Nigeria can combine the advantage of local production with local consumption and determine the price at which to sell crude oil to local refineries.
He argued: “We can use the opportunities that these local refineries provide us, ensuring adequate fuel supply with the daily supply of crude oil dedicated or allocated for local consumption, which is outside the OPEC quota. So, whatever we do with that is our internal affairs, it is a way of ensuring some level of comfort.”
Dr Okupe highlighted the benefits of ending the importation of petroleum products, stressing that it would reduce the strain and pressure on foreign exchange demand by 40 per cent. He said this would inject new economic impetus into Nigerians, encouraging local businesses and activities.
The former spokesperson commended the courageous decision of the President Bola Tinubu administration on fuel subsidy, describing it as excellent and commendable. He noted that the President’s reforms had taken root in the economic system, praising the President’s courage in the face of this unprecedented policy.
In conclusion, Dr Okupe said the current period offered a unique opportunity to consolidate gains and ease some of the pressure on citizens, with the advent of local refineries like Dangote and Port Harcourt. He called for a balanced and thoughtful approach to ensure the well-being of all Nigerians, rich and poor.
In this debate on fuel subsidy, it is crucial to analyse the economic and social implications to make informed decisions to support the sustainable development of Nigeria.