APM Demands Tinubu Government Account for Fuel Subsidy Savings Since 2023

The fuel subsidy savings debate has resurfaced after the Allied People's Movement (APM) called on the Federal Government to publicly account for trillions of naira generated since the removal of fuel subsidy in May 2023, insisting that Nigerians deserve transparency on how the funds have been spent.

In a statement issued on Thursday by its National Publicity Secretary, Hon. Abubakar Yusuf, the opposition party challenged the administration of President Bola Tinubu to provide a detailed and independently verifiable account of the proceeds realised from the subsidy removal.

According to the APM, more than three years after the policy took effect, many Nigerians are yet to experience the promised benefits, despite government assurances that the proceeds would be invested in projects aimed at improving citizens' welfare.

The party claimed that over ₦20 trillion had been realised from the policy and called on the government to disclose the exact amount generated, how the money has been spent, the projects funded, their locations, the beneficiaries and the measurable outcomes achieved.

"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 stated.

The APM argued that the demand had become necessary because of worsening economic conditions, including rising poverty, increasing living costs, deteriorating public services and Nigeria's growing infrastructure deficit.

The party recalled that President Tinubu's announcement on May 29, 2023, that "subsidy is gone" led to a sharp increase in petrol prices from below ₦200 per litre to over ₦1,500 per litre, triggering higher transportation costs, food prices, school fees, medical bills, electricity tariffs, house rents and the prices of other essential goods and services.

"For over three years, Nigerians have endured unprecedented hardship following President Tinubu's May 29, 2023 declaration that 'subsidy is gone'," Yusuf said.

The APM also alleged that conflicting figures and reports of possible diversion of subsidy proceeds have raised public concerns over transparency and accountability.

According to the party, broad claims that the savings are being invested in critical sectors are insufficient without detailed records showing where the funds have gone.

"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," Yusuf added.

The party further argued that many Nigerians are struggling with worsening economic hardship, with rising inflation, unemployment and declining purchasing power affecting households and businesses across the country.

It also cited estimates placing Nigeria's infrastructure deficit at approximately $2.3 trillion, noting that experts believe the country would require annual investments of about $100 billion over the next three decades to bridge the gap.

While stressing that it supports reforms capable of driving national development, the APM maintained that government policies should ultimately be judged by their impact on citizens' daily lives rather than official statements.

The party therefore urged the Federal Government to publish a comprehensive report detailing the total fuel subsidy savings realised since May 2023, every expenditure made from the funds, the beneficiaries of all intervention programmes and the measurable results achieved.