APC chieftain urges Nigerian govt to invest fuel subsidy funds in electric vehicle

A chieftain of the All Progressives Congress (APC), Mustapha Audu, said on Wednesday that President Bola Tinubu’s decision to remove fuel would boost the growth in the electric vehicle market.

Audu, who stated during an interview on Arise TV, urged the Federal Government to invest the money saved from the fuel subsidy in companies operating in the electronic money market in the country in order to create wealth and produce new billionaires in that sub-sector of the transport industry.

He said the government has spent more than N6 trillion on fuel subsidies but less than a hundred benefited from the regime, so removing it was critical to the development of other sectors.

Ripples Nigeria reported that there are a limited number of electric vehicles in Nigeria, one of which is Jet Motors and Audu insisted that these companies would benefit from investments backed by the money previously spent on subsidies.

READ ALSO:Isa Yuguda accuses NNPC of running fuel subsidy scam

With such investments, the APC chieftain predicted that the Nigerian electric vehicle companies would dominate Africa and take over a large market share on the continent.

He said: “If the federal and state governments were to partner and invest in these companies and build up capacities, we can take the entire market share for not just Nigeria, but for Africa.

“And this is what we need, new billionaires created, wealth creation, wealth generation, people that, you know, have the ability to deliver, the government should invest in these people.”

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