If there’s no subsidy, we’ll end up buying a dollar at N500 – Dangote warns. He made the statement last weekend in an interactive session with senior editors. When asked about his take on oil subsidy, he said: "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 N500, because there’s no VAT on petroleum products. 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. 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 neighboring countries like Senegal. 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."..... anyway, yahooboys wld b d biggest gainers, he added.....
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