APM to FG: Account for Every Kobo of Subsidy Savings

The Allied People’s Movement (APM) has called on the administration of President Bola Tinubu to move beyond rhetoric and provide Nigerians with a comprehensive account of the trillions of naira generated from the removal of fuel subsidy since May 2023.

The party said its demand is driven by the worsening economic hardship, rising poverty, high cost of living, poor public infrastructure and deteriorating social conditions despite the huge revenue inflow, including more than ₦20 trillion reportedly realized from the subsidy removal. According to the APM, the Federal Government had assured Nigerians that the savings would be deployed to improve citizens’ welfare.
The position was contained in a statement issued on Wednesday by the party’s National Publicity Secretary, Abubakar Yusuf.
The APM noted that since President Tinubu announced on May 29, 2023, that “subsidy is gone,” Nigerians have faced severe economic challenges. It said the immediate increase in petrol prices from below ₦200 per litre to over ₦1,500 per litre triggered sharp increases in transportation, food, school fees, healthcare, rent, electricity and the prices of other essential goods and services.
The party further expressed concern over reports alleging widespread corruption, diversion and misuse of funds accruing to the Federal Government from the subsidy removal, while accusing government officials of making conflicting claims and presenting what it described as unverifiable achievements.
According to the APM, hunger has become a national emergency under the APC administration, with millions of families struggling to feed, businesses shutting down due to rising operating costs, workers’ purchasing power declining sharply, and poverty and unemployment continuing to increase across the country.
The party also claimed that Nigeria’s infrastructure deficit has risen to an estimated $2.3 trillion, adding that experts estimate about $100 billion annually would be required over the next three decades to bridge the gap.
Despite the sacrifices Nigerians continue to make, the APM said the Federal Government has yet to provide a transparent account of the funds realized from the subsidy removal. It argued that no comprehensive public record has been presented showing the total amount generated, how the funds have been spent, and whether such expenditures have translated into meaningful improvements in the lives of citizens.
The party maintained that the government’s general claims that the proceeds are being invested in critical sectors are insufficient without verifiable figures, clearly identified projects and measurable outcomes, insisting that transparency and accountability cannot be replaced by broad official statements.
The APM therefore urged the Federal Government to immediately publish a detailed and independently verifiable impact assessment of the subsidy removal policy, including the total savings recorded since May 2023, projects financed with the funds and their locations.
While stating that it is not opposed to reforms aimed at advancing national development, the party argued that government should not rely on positive official statistics while many Nigerians can no longer afford food, healthcare, transportation and quality education. It said the true measure of any economic reform lies in its impact on the lives of the people.
The party further called on the Tinubu administration to release a comprehensive public report detailing the total subsidy savings since May 2023, all expenditures made from the fund, the beneficiaries of government interventions and the measurable results achieved.
The APM added that it was merely demanding the level of transparency and accountability it believes Nigerians deserve, insisting that every kobo belonging to the people should be publicly accounted for.