Buhari Should Bite The Bullet – Ex-Neimeth Boss Tackles President On Fuel Subsidy

Former Chief Executive Officer of Neimeth Pharmaceutical, Sam Ohuabunwa, has asked President Muhammadu Buhari to bite a bullet to save Nigerians from multiple jeopardies.

Ohuabunwa made this statement while addressing the impact of fuel subsidy on Nigerian economy, which he said has increased poverty and misery for many Nigerians. 

According to Ohuabunwa in a Punch report on Monday, the fuel subsidy has created corrupt opportunities for officials of the Nigerian National Petroleum Company (NNPC) Limited and government. 

“The current situation is deeply damaging the Nigerian economy, increasing poverty and misery for many Nigerians while creating a lot of opportunities for arbitrage and corruption for NNPC and government officials. 

“President Buhari should bite this bullet and save Nigerians from multiple jeopardies, which they are facing right now. It is true that we have lost the battle against corruption, but we must not watch helplessly as poor Nigerians are openly ‘raped’ and ravaged by the ‘oil curse’,” Ohuabunwa said. 

The Neimeth boss stated President Buhari’s administration disclosed fuel subsidy payment will last till June 2023, however, the oil industry is already operating like it has been deregulated and oil companies have been given free pass to decide their fuel price. 

Deregulation is the removal of regulations or restrictions by the government in an industry that enables market forces to dictate product prices for private companies. 

Ohuabunwa said: “As of 6th of January, prices ranged from a minimum of N240 per litre in Benin, N340 in Kaduna, N360 in Umuahia, N400 per litre in Owerri to N500 per litre in Port Harcourt. 

“No filling station is selling at the so-called controlled price, except in some filling stations in Abuja and Lagos. And nobody is enforcing any price as used to happen in the past. So, it is clear we have deregulated. That Is fine! 

“I think the Government should own up and announce this policy officially.” 

He tackled Buhari, stating his administration is deceitful, “It is deceitful and disingenuous for this government to announce that payment of subsidy will end in June when they would have ended their regime,” Ohuabunwa was quoted in the report. 

“Why wait? Why make such a deceitful proposition? Who will enforce the plan, Buhari/oil minister or the new president?” He asked.