The Allied People’s Movement (APM) has urged President Bola Tinubu’s All Progressives Congress administration to provide Nigerians with a detailed account of the trillions of naira generated by the removal of the fuel subsidy since May 2023, insisting that the government explain how the funds were spent amidst worsening economic hardship across the country.
According to a statement issued on Thursday by the APM’s National Publicity Secretary, Abubakar Yusuf, the APC government’s claims that the proceeds are being invested in critical sectors, without providing concrete figures or identifying specific projects and programs, are unacceptable and fall short of the transparency and accountability that Nigerians deserve.
Tinubu said in his inaugural speech on May 29, 2023, that “subsidy is gone,” effectively eliminating the long-standing petrol subsidy regime. The decision resulted in a significant increase in fuel pump prices, higher transportation costs, and an increase in the pricing of products and services throughout the country.
More than three years later, the APC-led federal government has continuously said that the savings from the subsidy’s elimination have been invested in a variety of initiatives aimed at enhancing residents’ welfare and promoting national development.
The government’s stance has, however, elicited conflicting reactions. While some Nigerians see gains in some sectors, others continue to dispute the impact of subsidy savings, noting ongoing economic hardship, increased living costs, and falling purchasing power.
APM called on the federal government to immediately release a detailed and independently verifiable assessment of the impact of the fuel subsidy removal policy, insisting that Nigerians have the right to know the total amount saved since May 2023, the projects financed with the funds, and where those projects are located.
The statement read in part, “APM’s demand is predicated on the worsening economic hardship and poverty rate, high cost of living, collapsed public facilities, and yawning infrastructure deficit across the country since the emergence of the Tinubu administration despite huge national inflow, including the over N20 trillion proceeds from the removal of the fuel subsidy, which the administration promised would be channeled towards improving the welfare of Nigerians.
“For over three years, Nigerians have endured unprecedented hardship following President Tinubu’s May 29, 2023, declaration that ‘the subsidy is gone.’ This came with an instant surge in fuel price from below ₦200 per liter to now over ₦1,500 per liter, setting off a chain reaction that pushed transport fares, food prices, school fees, medical bills, house rents, electricity costs, and the prices of everyday goods and services far beyond the reach of ordinary citizens.
“More distressing are reports of massive corruption, diversion, and frittering of the bulk of the funds accruable to the federal government, while officials continue to bandy figures and fictitious achievements.
“Under the APC administration, hunger has become a national emergency. Millions of families are going without daily meals. Small businesses are collapsing under rising operating costs. The purchasing power of workers has been abysmally degraded, while poverty and unemployment continue to rise at alarming rates. Across the country, frustration is growing as more citizens struggle to survive.”
The party stated that it supports reforms that promote national development but argued that the APC government cannot celebrate economic gains while millions of Nigerians struggle to afford basic necessities.
It continued, “Today, under the APC, Nigeria’s infrastructure deficit has hit an estimated 100 billion annually over the next 30 years.
“Despite the heavy premiums citizens pay daily, the APC administration is not forthcoming with a transparent account of the trillions accrued to it from the removal of the subsidy. No comprehensive public record has been presented to demonstrate how much has been realized, how much has been spent, and whether those expenditures have translated into measurable improvements in the lives of citizens.
“The vague claims by the APC government that the proceeds are being invested in critical sectors without real figures and specific projects or programs are completely unacceptable and cannot substitute for transparency and accountability.
“The APM, therefore, demands that the federal government immediately publish a detailed and independently verifiable impact assessment of the subsidy removal policy. Nigerians deserve to know the exact amount saved since May 2023, the projects funded, and their locations.”
APM stated that the success of any economic reform should be measured by its impact on the lives of Nigerians, not by government rhetoric.
The party stated, “The APM, therefore, calls on the Tinubu administration to rise above political rhetoric and immediately release a comprehensive public report detailing the total subsidy savings since May 2023, all expenditures made from the fund, the beneficiaries of every intervention, and the measurable outcomes achieved.
“The APM, the voice of Nigerians today, is not asking the Tinubu-led APC federal government to do anything extraordinary. We are simply demanding the transparency and accountability that an APM administration would have seamlessly demonstrated by publicly disclosing and accounting for every kobo that belongs to Nigerians.”
