APM Asks Tinubu-Led Govt To Account For ‘₦20trn Subsidy Proceeds’

 

The Allied People’s Movement (APM) has asked the President Bola Tinubu-led government to “immediately provide Nigerians with a comprehensive account of the trillions of naira realised from the removal of fuel subsidy since May 2023”.

In a statement on Thursday by its National Publicity Secretary, APM demanded 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.”

The party said its demand is based 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 fuel subsidy”.

APM claimed that for over three years, “Nigerians have endured unprecedented hardship following President Tinubu’s May 29, 2023 declaration that ‘subsidy is gone’.”

“This came with an instant surge in fuel price from below ₦200 per litre to now over ₦1,500 per litre, 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,” the statement read in part.

The party cited 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 opposition party said.

“Today, under the APC, Nigeria’s infrastructure deficit has hit an estimated $2.3 trillion, with experts stating that the gap would require approximately $100 billion annually over the next 30 years.”

The APM argued that 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 realised, how much has been spent, and whether those expenditures have translated into measurable improvements in the lives of citizens,” it said.

“The vague claims by the APC government that the proceeds are being invested in critical sectors without real figures and specific projects or programmes are completely unacceptable and cannot substitute for transparency and accountability.”

While noting that it is not opposed to reforms that “genuinely advance national development”, it said the “APC government cannot continue to celebrate figures on paper while millions of citizens can no longer afford decent meals, healthcare, transportation, or quality education.

“The true measure of any economic reform is not the volume of official pronouncements but its tangible impact on the lives of the people,” the party noted.

The APM called 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”.

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