‘Remove fuel subsidy,’ Capital Oil boss urges Buhari

monjola sotubo

June 1, 2015 11:00 AM

Ubah also urged Nigeria’s new President to deregulate the downstream oil sector of Nigeria and probe the marketers behind the recent fuel scarcity which nearly crippled the country.

Capital Oil MD, Ifeanyi Uba

The Managing Director of Capital Oil, Ifeanyi Ubah has urged President Muhammadu Buhari to cancel the controversial fuel subsidy regime in the country.

Ubah made the statements over the weekend while speaking to journalists in Abuja.

“I have always being of the view that we should deregulate so that we can cut out corruption but unfortunately Nigerians didn’t take it from Jonathan,” Ubah said.

“I urge president Buhari to take a bold step and deregulate the oil sector. He is not a stranger to the sector having being a former minister of petroleum. He will be respected for taking the step, there’s no point paying subsidy when Nigerians are not benefiting from it. The president will be doing the right thing if he deregulated the sector so that that the product will be sold at cheaper rate in the future,” he added.

Ubah had pulled out of the recent marketers’ strike, which almost grounded Nigeria’s economy, by ordering his trucks to supply 13 million litres of product around the country.

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