₦airaland Forum

The Allied People’s Movement has called on President Bola Tinubu’s All Progressives Congress administration to provide Nigerians with a comprehensive account of the trillions of naira realised from the removal of the fuel subsidy since May 2023, insisting that the government must explain how the funds have been utilised amid worsening economic hardship across the country.

In a statement issued by its National Publicity Secretary, Abubakar Yusuf, on Thursday, the APM said the APC government’s claims that the proceeds are being invested in critical sectors, without providing concrete figures or identifying specific projects and programmes, are unacceptable and fall short of the transparency and accountability Nigerians deserve.

Tinubu, in his inauguration speech on May 29, 2023, announced that “subsidy is gone,” ending the long-standing petrol subsidy regime. The decision triggered a sharp increase in the pump price of fuel, leading to higher transportation costs and a rise in the prices of goods and services across the country.

More than three years later, the APC-led Federal Government has consistently maintained that the savings from the removal of the subsidy have been channelled into various interventions aimed at improving citizens’ welfare and supporting national development.

The government’s position has, however, drawn mixed reactions. While some Nigerians acknowledge improvements in certain sectors, others continue to question the impact of the subsidy savings, citing persistent economic hardship, rising living costs, and declining purchasing power.

APM called on the Federal Government to immediately release a detailed and independently verifiable assessment of the impact of the fuel subsidy removal policy, insisting that Nigerians have the right to know the total amount saved since May 2023, the projects financed with the funds, and where those projects are located.

The statement read in part, “APM’s demand is predicated on the worsening economic hardship and poverty rate, high cost of living, collapsed public facilities and yawning infrastructure deficit across the country since the emergence of the Tinubu administration despite huge national inflow including the over N20 trillion proceeds from the removal of fuel subsidy, which the administration promised would be channelled towards improving the welfare of Nigerians.

“For over three years, Nigerians have endured unprecedented hardship following President Tinubu’s May 29, 2023, declaration that ‘subsidy is gone’. This came with an instant surge in fuel price from below ₦200 per litre to now over N1,500 per liter setting off a chain reaction that pushed transport fares, food prices, school fees, medical bills, house rents, electricity costs and the prices of everyday goods and services far beyond the reach of ordinary citizens.

“More distressing are reports of massive corruption, diversion and frittering of the bulk of the funds accruable to the Federal Government, while officials continue to bandy figures and fictitious achievements

“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. The purchasing power of workers has been abysmally degraded, while poverty and unemployment continue to rise at alarming rates. Across the country, frustration is growing as more citizens struggle to survive.”

The party said it supports reforms that promote national development but argued that the APC government cannot celebrate economic gains while millions of Nigerians struggle to afford basic necessities.

It continued, “Today, under the APC, Nigeria’s infrastructure deficit has hit an estimated 100 billion annually over the next 30 years.

“Despite the heavy premiums citizens pay daily, the APC administration is not forthcoming with a transparent account of the trillions accrued to it from the removal of the subsidy. No comprehensive public record has been presented to demonstrate how much has been realised, how much has been spent, and whether those expenditures have translated into measurable improvements in the lives of 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.

“The APM therefore demands that the Federal Government immediately publish 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.”

APM said the success of any economic reform should be measured by its impact on the lives of Nigerians, not by government rhetoric.

The party stated, “The APM therefore calls on the Tinubu administration to rise above political rhetoric and immediately release a comprehensive public report detailing the total subsidy savings since May 2023, all expenditures made from the fund, the beneficiaries of every intervention, and the measurable outcomes achieved.

“The APM, the voice of Nigerians today, is 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.”

Lithiumite:
Dumb party,dumb publicity secretary......shows how bereft they are as a party,instead of your candidate coming out to tell us what he will do better,you are asking silly questions.......the increased allocations your candidate had been collecting to run his state was from his generator engineer business abi?the several road construction projects all over the country is been funded from your father's salary?
Hiw can a so called party be so pedestrian in logic,pls we dont want another group of headless mob on our hands......how can you be asking for subsidy savings when you were actually borrowing to fund the subsidy regime......you end subsidy you stop borrowing to fund it and rechannel those funds elsewhere, simple! So what savings are these dimwits talking about.

ManirBK:
Aug 28, 2023

The Federal Government says it has no intention to borrow from any local or foreign organisation with its removal of subsidy on petrol and exchange rate harmonisation.

The Minister of Finance and Coordinating Minister for the Economy, Chief Wale Edun, revealed this at the end of the inaugural Federal Executive Council meeting on Monday in Abuja.

He said that the benefit of the subsidy removal would be ploughed back into various sectors aimed at boosting government revenue and improving the business environment for local and foreign investment.

Edun said that with the increased revenue from subsidy removal, various palliatives have been made available to cushion its effect on a short, medium and long-term basis.

He reiterated the President Bola Tinubu-led administration’s desire to bring back the economy from the wood it has found itself over time.

https://www.vanguardngr.com/2023/08/fg-ends-borrowing-finance-minister/amp/

Ofunaofu:
Report: Current Govt Added More Debt in Two Years Than Nigeria Accumulated in 55 Years

• Decries Nigeria’s debt service-to-revenue ratio

•Urges FG to declare fiscal emergency

A new policy brief has warned that Nigeria’s worsening debt profile and weak revenue generation have pushed the country into a dangerous fiscal position, with the current administration accumulating more debt in two years than Nigeria recorded during its first 55 years after independence.

The report, released by the Alliance for Economic Research and Ethics LTD/GTE, a Nigerian policy think tank, argued that the country’s debt crisis has evolved into a governance and revenue emergency, as debt servicing obligations now exceed the federal government’s retained earnings.
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According to the think tank, Nigeria’s public debt rose sharply from N87.38 trillion in June 2023 to N159.28 trillion by the end of 2025, with President Bola Tinubu’s administration accounting for about N65.9 trillion of the increase within its first two years in office.

The organisation in the brief titled: “Nigeria Is Borrowing to Breathe—and the Clock Is Ticking”, noted that Nigeria accumulated only about N12.06 trillion in debt from independence in 1960 up to 2015, meaning the current administration added more than five times that amount in just 24 months.

The report stated that while previous governments also contributed significantly to the country’s rising debt burden, the speed of accumulation under the current administration had intensified concerns over fiscal sustainability.

“President Bola Tinubu’s administration has added a further N65.9 trillion in just two years. To put that in perspective: it took Nigeria’s first 55 years of independence to accumulate N12 trillion in debt. The current administration has added more than five times that amount in 24 months,” it argued.

It recalled that Nigeria briefly became almost debt-free externally after the administration of former President Olusegun Obasanjo secured an $18 billion Paris Club debt relief package in 2005 and paid $12 billion to extinguish about $30 billion in external obligations.


https://www.thisdaylive.com/2026/05/22/report-current-govt-added-more-debt-in-two-years-than-nigeria-accumulated-in-55-years/

Lithiumite:
Dumb party,dumb publicity secretary......shows how bereft they are as a party,instead of your candidate coming out to tell us what he will do better,you are asking silly questions.......the increased allocations your candidate had been collecting to run his state was from his generator engineer business abi?the several road construction projects all over the country is been funded from your father's salary?

Hiw can a so called party be so pedestrian in logic,pls we dont want another group of headless mob on our hands......how can you be asking for subsidy savings when you were actually borrowing to fund the subsidy regime......you end subsidy you stop borrowing to fund it and rechannel those funds elsewhere, simple! So what savings are these dimwits talking about.

Temidayo9:
Let the state governors first published bogus FAC allocation released to them as a proceed of subsidy removal and what they do with the money

Ofunaofu:
Tinubu should account for the money saved from subsidy removal

Lithiumite:
Dumb party,dumb publicity secretary......shows how bereft they are as a party,instead of your candidate coming out to tell us what he will do better,you are asking silly questions.......the increased allocations your candidate had been collecting to run his state was from his generator engineer business abi?the several road construction projects all over the country is been funded from your father's salary?

Hiw can a so called party be so pedestrian in logic,pls we dont want another group of headless mob on our hands......how can you be asking for subsidy savings when you were actually borrowing to fund the subsidy regime......you end subsidy you stop borrowing to fund it and rechannel those funds elsewhere, simple! So what savings are these dimwits talking about.

vr0xen:
Makinde should trade with caution ooooo. If not for immunity he would have been like el rufai. I hate yekini amoda with but makinde should remember 50 billion naira he embezzled

Princedapace:
Who controls EFCC? FG, so FG should go after them