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 neighbouringcountries 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.


http://www.zubbyblog.com/if-without-subsidy-well-end-up-buying-a-dollar-at-n500-dangote/

The business men's perspective. He has stated the facts of the business as it is.

Nigeria however, continues to defy all principles of business, commerce and economics and this is because people influence market forces for their benefits. They make it and design it in such a way that they reap bountifully, without sowing anything.

There are too many drain pipes in the economy.