The Allied People’s Movement (APM) has called on the President Bola Tinubu-led All Progressives Congress (APC) administration to provide Nigerians with a comprehensive account of the proceeds realized from the removal of fuel subsidy since May 2023, arguing that citizens deserve transparency on how the funds have been spent.
In a statement signed by its National Publicity Secretary, Hon. Abubakar Yusuf, on Wednesday, the opposition party said the demand was necessitated by the worsening economic hardship across the country despite what it described as huge revenues generated from the subsidy removal.
“The Tinubu-led APC administration must end its rhetoric and immediately provide Nigerians with a comprehensive account of the trillions of naira realized from the removal of fuel subsidy since May 2023,” Yusuf said.
According to the party, the removal of fuel subsidy, announced by President Bola Tinubu on May 29, 2023, has resulted in severe economic consequences for millions of Nigerians.
The APM noted that the increase in petrol prices from below ₦200 per litre to over ₦1,500 per litre had triggered sharp increases in transportation costs, food prices, school fees, medical expenses, house rents, electricity tariffs and the cost of other essential goods and services.
“For over three years, Nigerians have endured unprecedented hardship following President Tinubu’s declaration that ‘subsidy is gone.’ What followed was an instant surge in fuel prices that pushed the cost of virtually every essential commodity beyond the reach of ordinary citizens,” the statement said.
The party further alleged that despite reports that over ₦20 trillion had accrued to the Federal Government from the policy, Nigerians had not seen corresponding improvements in public infrastructure or social welfare.
It also alleged that there were reports of corruption and diversion of public funds, accusing government officials of making what it described as vague claims about achievements without presenting verifiable evidence.
“More distressing are reports of massive corruption, diversion and frittering of bulk of the funds accruable to the Federal Government while officials continue to bandy figures and fictitious achievements,” Yusuf stated.
The APM argued that the country’s economic conditions had continued to deteriorate, with hunger, unemployment and poverty worsening under the current administration.
“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, while the purchasing power of workers has been abysmally degraded,” the statement added.
The opposition party also expressed concern over Nigeria’s infrastructure challenges, saying the country still faces a significant infrastructure deficit despite the revenue generated from subsidy removal.
It maintained that the Federal Government had yet to publish a comprehensive record showing the total amount realized from subsidy removal, how the funds had been spent and whether such expenditures had translated into measurable improvements for citizens.
“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 said.
The APM consequently called on the Federal Government to immediately publish what it described as 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 stated.
The party said it was not opposed to economic reforms that genuinely promote national development but insisted that such reforms must produce tangible improvements in the lives of citizens.
“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,” Yusuf said.
The APM further urged the Tinubu administration to release a comprehensive public report detailing the total subsidy savings since May 2023, all expenditures made from the fund, beneficiaries of government interventions and the measurable outcomes achieved.
“We are 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,” the statement said.
