The Allied People’s Movement (APM) has called on the Federal Government to provide Nigerians with a comprehensive account of the trillions of naira realised from the removal of fuel subsidy since May 2023, insisting that citizens deserve full disclosure on how the funds have been spent.
The opposition party argued that while the President Bola Tinubu administration has repeatedly stated that the proceeds from the subsidy removal are being invested in critical sectors of the economy, it has yet to present detailed figures, independently verifiable records or specific projects funded with the savings.
In a statement issued on Thursday by its National Publicity Secretary, Abubakar Yusuf, the party said transparency and accountability should accompany one of the country’s most significant economic reforms.
President Tinubu had, during his inauguration on May 29, 2023, declared that “subsidy is gone,” effectively ending Nigeria’s decades-long petrol subsidy regime. The policy immediately triggered a sharp increase in the pump price of petrol, resulting in higher transportation costs and a significant rise in the prices of food, housing, healthcare, education and other essential goods and services.
More than three years after the policy took effect, the Federal Government has consistently maintained that the savings generated from the subsidy removal are being channelled into infrastructure development, social interventions and other programmes aimed at improving the welfare of Nigerians.
However, the APM said the government has not provided sufficient evidence to demonstrate how much has been realised from the policy or how the funds have translated into measurable improvements in the lives of citizens.
According to the party, worsening economic hardship, rising inflation, declining purchasing power and growing poverty have overshadowed the anticipated benefits of the subsidy removal.
The statement said the demand for accountability was prompted by what it described as the deteriorating living conditions of Nigerians despite substantial government revenues generated since the subsidy was removed.
“For over three years, Nigerians have endured unprecedented hardship following President Tinubu’s declaration that ‘subsidy is gone,’” the party stated.
It argued that the immediate increase in fuel prices—from below ₦200 per litre before the policy to over ₦1,500 per litre currently—set off a chain reaction that significantly increased transport fares, food prices, school fees, medical expenses, electricity costs, house rents and the prices of other essential goods and services.
The APM further alleged that reports of corruption and diversion of public funds have continued to fuel public concerns over the management of subsidy savings.
The party said millions of Nigerians continue to grapple with hunger, rising unemployment and worsening economic conditions, while many small businesses struggle to survive under increasing operating costs.
It maintained that although economic reforms may require sacrifices, citizens have a constitutional right to know how public resources generated through such reforms are being utilised.
The party also questioned what it described as the government’s failure to present a comprehensive public record detailing the total amount realised from subsidy removal, the projects financed with the proceeds and the locations of those projects.
According to the APM, broad assurances that the funds are being invested in critical sectors cannot replace transparency and measurable accountability.
The opposition party therefore urged the Federal Government to immediately publish a detailed and independently verifiable impact assessment of the subsidy removal policy, including the total amount saved since May 2023, all expenditures made from the funds, beneficiaries of government interventions and the outcomes achieved.
It argued that the success of any economic reform should ultimately be judged by its impact on the welfare of ordinary Nigerians rather than official pronouncements.
“The APM is not asking the Tinubu-led APC administration to do anything extraordinary,” the statement added.
“We are simply demanding the transparency and accountability that Nigerians deserve through a full public disclosure and accounting of every kobo realised from the removal of fuel subsidy.”
