The APC chieftain is providing advice or recommendations on what actions Tinubu should take regarding these funds.
In a statement made on Wednesday, Mustapha Audu, a prominent figure within the All Progressives Congress (APC), expressed his belief that President Bola Tinubu’s recent move to eliminate fuel would have a positive impact on the burgeoning electric vehicle market.
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During an interview on Arise TV, Audu passionately advocated for the Federal Government to redirect the funds saved from the fuel subsidy towards investments in electronic money market companies. His proposal aims to foster economic growth, generate wealth, and cultivate a new wave of billionaires within the transport industry’s sub-sector.
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In a recent statement, he highlighted the staggering amount of N6 trillion that the government has allocated towards fuel subsidies. However, a shocking revelation emerged as he disclosed that only a meagre number, less than a hundred individuals, have actually benefited from this regime. This revelation has sparked a pressing need to eliminate these subsidies, as it is deemed crucial for the advancement and growth of other sectors within the nation.
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According to a report by Ripples Nigeria, the presence of electric vehicles in Nigeria remains relatively scarce. However, among the few available options, Jet Motors and Audu stand out. In light of this, Audu expressed strong belief that these companies could greatly profit from investments supported by the funds previously allocated to subsidies.
In a bold proclamation, the chieftain of the All Progressives Congress (APC) has made a compelling prediction regarding the future of Nigerian electric vehicle companies. With substantial investments in the sector, the chieftain foresees a scenario where these companies will not only dominate the African market but also seize a significant share of the continent’s burgeoning electric vehicle industry.
In a statement, he expressed his belief that a collaboration between the federal and state governments, coupled with substantial investments in these companies and the development of their capabilities, could potentially lead to a complete domination of not only the Nigerian market, but the entire African market as well.
In a passionate statement, the individual emphasised the pressing need for the emergence of fresh billionaires, highlighting the importance of wealth creation and generation. They underscored the significance of individuals possessing the capacity to deliver and suggested that the government should consider investing in such individuals.
