Dr. Doyin Okupe, a former presidential spokesperson, has publicly disagreed with Aliko Dangote’s call for the complete removal of fuel subsidies, advocating instead for a more measured approach.
In an interview with newsmen in Lagos, Okupe emphasized the critical role of fuel in the Nigerian economy, describing it as “the economic oxygen of Nigerians, whether rich or poor.”
Dangote, who operates a major crude oil refinery in Lagos, argued that the Federal Government should eliminate fuel subsidies entirely, citing the substantial financial burden they impose on the nation. However, Okupe believes that with the emergence of local refineries, some support should still be provided to citizens during the transition.
He proposed that the government allocate crude oil for local consumption at a reduced price to local refineries.
“We can sell this daily crude oil allocation for local consumption cheaply to determine the average pump price of Premium Motor Spirit in the country,” he explained, suggesting that prices could be significantly lowered to provide relief to consumers.
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Okupe praised President Bola Tinubu’s efforts to reform fuel subsidies and eliminate multiple exchange rates, noting that these bold steps have begun to yield positive results for the economy.
He urged the government to continue fostering a balance between reform and support for the populace as local production ramps up.
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