APM faults FG’s N15.8trn subsidy savings report

Allied Peoples’ Movement (APM) has rejected the Federal Government’s claim that only N15.8 trillion was realised as savings from the removal of subsidy on petroleum products, alleging that over N27trn had been generated from the policy.

The party described the report by the President Bola Tinubu-led administration as “a litany of lies, inconsistencies and false claims,” allegedly designed to hoodwink Nigerians and divert public attention from the management of the funds.

The National Publicity Secretary of APM, Mr Abubakar Yusuf, stated this in Abuja on Thursday while reacting to the Federal Government’s report on the spending of funds realised from subsidy removal.

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Yusuf said the party’s earlier demand for a comprehensive account of the subsidy savings had compelled the administration to publish the report, which he described as containing “unsupported figures and false performance claims.”

The APM spokesman specifically faulted the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele, for putting the subsidy savings at N15.8trn only.

“Perhaps he forgot that his predecessor in office, Wale Edun, told Nigerians in November 2024 that the nation had saved an estimated $20 billion (N26.9 trillion) from subsidy removal,” the spokesperson said.

According to Yusuf, the disparity between the figures raised serious questions about the integrity of the report and its spending claims.

He noted, “The Tinubu administration must come clean on the exact amount currently saved, especially given that more savings have been garnered between November 2024 and 2026.”

The party also rejected the government’s claim that, out of the N15.8 trn, it received N5.4 trn while N10.4 trn was shared among state and local governments.

Yusuf described the figures as unsubstantiated and demanded a detailed breakdown showing the amount allocated to each state and local government, the dates of disbursement and the specific purposes for which the funds were deployed.

“The diversionary attempt to shift the question to states and local governments does not help the Tinubu administration,” he argued.

The APM spokesman also criticised the government’s claim that N9.39 trn from incremental resources generated through subsidy savings, independent revenue and borrowings was used to pay workers’ wages and students’ loans.

He described the claim as an attempt to “pitch Nigerians against innocent civil servants and students who are actually victims of the corruption of the APC.”

Yusuf further faulted the government’s claim that its reforms had benefited Nigerians, arguing that the assertion was inconsistent with the economic hardship being experienced across the country.

He said the APM would continue to mobilise Nigerians ahead of the 2027 elections, urging citizens to support the party and its presidential candidate, Engr. Seyi Makinde, to end what he described as APC’s misrule.

“We urge Nigerians not to despair but to continue to rally with our party and presidential candidate, Engr. Seyi Makinde, as we use the 2027 election to end the APC misrule and enthrone a truthful, transparent and trustworthy leadership that will reposition our nation and return her to the path of peace, national cohesion and economic prosperity,” the party added.