APM Wants Tinubu to Account for Money Saved from Fuel Subsidy Removal

The Allied People’s Movement (APM) has urged President Bola Tinubu’s All Progressives Congress (APC) government to give Nigerians a clear account of the trillions of naira made from removing the fuel subsidy since May 2023. They insist that the government must explain how this money has been used, especially as economic hardship worsens across the country.

In a statement from its National Publicity Secretary, Abubakar Yusuf, on Thursday, APM said the APC claims that the money is being invested in important sectors are not enough. They pointed out that the government has not provided real figures or named specific projects, which is unacceptable. Nigerians deserve transparency and accountability.

Tinubu, in his inauguration speech on May 29, 2023, declared that "subsidy is gone," ending the long-standing petrol subsidy. This decision caused a sharp rise in fuel prices, leading to higher transport costs and increased prices for goods and services all over the country.

Over three years later, the APC-led Federal Government continues to claim that the savings from removing the subsidy are being used for various programs to improve citizens’ welfare and support national development.

The government's stance has received mixed reactions. Some Nigerians see improvements in certain areas, while others question the actual impact of the subsidy savings. Many are still struggling with rising living costs and decreased purchasing power.

APM has called on the Federal Government to immediately provide a detailed and verifiable report on the impact of the fuel subsidy removal policy. They stress that Nigerians have the right to know the total amount saved since May 2023, the projects funded with this money, and where these projects are located.

The statement said, "APM’s demand comes from the worsening economic hardship and poverty, high cost of living, broken public services, and large infrastructure deficits across the country since Tinubu took office, despite the huge inflows like the over N20 trillion from the subsidy removal that was supposed to improve Nigerians' welfare.

“For over three years, Nigerians have faced unprecedented hardship since President Tinubu’s May 29, 2023, announcement that ‘subsidy is gone.’ This led to fuel prices rising from below ₦200 per litre to over N1,500 per liter. This change raised transport fares, food prices, school fees, medical bills, rents, electricity costs, and prices of everyday goods far beyond what ordinary citizens can afford.

“Reports of corruption and mismanagement of funds meant for the Federal Government are disturbing. Officials keep mentioning figures and false achievements.

“Under the APC government, hunger is now a national crisis. Many families struggle to get daily meals. Small businesses are failing due to high costs. Workers’ purchasing power has sharply decreased, while poverty and unemployment keep rising. Frustration is spreading as more people fight to survive.”

The party supports reforms for national growth but argues that the APC government cannot celebrate economic progress while many Nigerians cannot afford basic necessities.

It added, “Today, under the APC, Nigeria's infrastructure deficit is about 100 billion annually over the next 30 years.

“Despite the high costs citizens face daily, the APC government has not provided a transparent account of the trillions it has gained from the subsidy removal. No clear public record shows how much money has been made, how much has been spent, and whether these expenses have led to real improvements in the lives of citizens.

“The vague claims from the APC government that the proceeds are being used in critical sectors without real figures and specific projects are totally unacceptable. They do not replace the need for transparency and accountability.

“The APM demands that the Federal Government quickly release a detailed and verifiable assessment of the subsidy removal policy’s impact. Nigerians deserve to know the exact amount saved since May 2023, the projects funded, and their locations.”

The APM believes that the success of any economic reform should be judged by its effect on the lives of Nigerians, not by what the government says.

The party stated, “The APM calls on the Tinubu administration to move beyond political talk and quickly release a public report detailing the total subsidy savings since May 2023, all spending from the fund, who benefited from each intervention, and the measurable results achieved.

“The APM, representing the voice of Nigerians today, is not asking the Tinubu-led APC government to do anything out of the ordinary. We simply want the transparency and accountability that an APM government would have shown by publicly disclosing and accounting for every kobo that belongs to Nigerians.