The Allied People’s Movement (APM) has called on the Tinubu-led federal government to publish a full, independently verifiable audit of all proceeds realised from the removal of fuel subsidy. It said Nigerians have the right to know what has been done with the trillions of naira allegedly saved since the policy took effect in May 2023. Africans & Diaspora
In a statement published today by its National Publicity Secretary, Hon. Abubakar Yusuf, the opposition party said the demand has become necessary in view of the deepening economic hardship, rising poverty, surging inflation and poor living circumstances across the country.
The APM said: “While the Tinubu administration has defended the removal of fuel subsidy as an inevitable economic reform that will free up resources for the development of infrastructure and social welfare programmes, Nigerians have yet to see tangible evidence that the savings had translated into improved public services or living standards.
The party said the removal of subsidy as announced by President Tinubu during his inauguration on May 29, 2023 led to an unprecedented hike in the pump price of petrol from below N200 per litre to over N1,500 per litre with a commensurate rise in transportation costs, food prices, school fees, medical fees, electricity tariffs and house rents.
The ripple effects of the policy have considerably undermined the purchasing power of Nigerians, putting many households into greater economic distress as businesses continue to battle with escalating operating costs, it said. Africans & Diaspora
The party also worried about what it described as the lack of transparency in the management of funds being generated from the removal of the fuel subsidy. It alleged that despite reports of huge inflows running into trillions of naira, the government had failed to render a detailed public account of the revenues realised and how they had been expended.
It also cited instances of corruption and the misappropriation of public resources as reasons for the increasing public concern over the handling of the subsidy savings.
“Citizens pay heavy premiums daily, but the APC administration is not forthcoming with a transparent account of the trillions accrued to it from the removal of subsidy. “Nothing has been put out in the public domain to show the level of achievement, the quantum of money spent and the extent to which the money was translated into measurable improvement in the lives of the citizens,” the statement said.
The APM said the claims of government officials that the proceeds were being invested in critical sectors could not substitute transparency, insisting that Nigerians were entitled to verifiable information on the actual amount realised, the projects funded, the locations of such projects and the beneficiaries of intervention programmes. Africans & Diaspora
The party said the country’s economic situation was worrying with hunger pervasive and unemployment, poverty and cost of living continuing to rise despite repeated pledges by the administration that ongoing economic reforms would eventually bring favourable outcomes.
The party also underscored the country’s infrastructure deficit estimated at nearly $2.3 trillion, stating that analysts predict the country will require about $100 billion yearly over the next three decades to overcome the gap.
It asked the federal government to promptly release a complete report documenting overall subsidy savings since May 2023, expenditures made from the fund, beneficiaries of all interventions and measurable outcomes achieved.
It stressed that it was not opposed to economic reforms that could promote national development but such policies must be based on transparency, accountability and quantifiable increases in the welfare of residents.
The party claimed the effectiveness of any economic reform should be assessed not by official announcements or statistics claims but by its effect on the daily lives of Nigerians, many of whom, it said, today struggle to afford food, healthcare, transport and excellent education. Africans & Diaspora
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