The Allied Peoples’ Movement (APM) has dismissed report by the Federal Government that N158 trillion was realised as savings from the removal of petroleum subsidy.
APM in a statement on Thursday by its National Publicity Secretary, Abubakar Yusuf described the Federal Government’s report on the utilisation of subsidy savings as a litany of lies, inconsistencies and false claims
The party alleged that the figures were intended to divert public attention from alleged mismanagement of the proceeds
While rejecting the claim, the opposition party also demanded a comprehensive account of the funds, including details of allocations to state and local governments and dates of disbursement to the three arms of government
The party specifically faulted the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for putting the subsidy savings at N158 trillion, adding that it exceeds 27 billion.
APM explained that the figure presented by Oyedele contradicts an earlier statement by the former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who told Nigerians in November 2024 that the country had saved an estimated $20 billion, equivalent to about N269 trillion, from subsidy removal.
According to APM the difference in the figures further “validates allegations of looting and raises serious questions on the overall integrity of the report, including its spending claims,” the party said
The statement said the “diversionary attempt to shift the question to states and local government does not help the Tinubu administration and criticised the government over what it described as an attempt to attribute a substantial portion of the incremental resources generated through subsidy savings, independent revenue and borrowing to the payment of workers’ wages and students’ loans
The opposition party further faulted the Federal Government’s claim that its economic reforms had benefited Nigerians, citing worsening economic hardship and poverty
It alleged that more than 140 million Nigerians were now living below the poverty line, while putting the country’s poverty rate at 63 per cent, unemployment at 333 per cent and infrastructure deficit at $2.3 trillion.
The APM described the situation as evidence of what it called the “insensitivity” of President Bola Ahmed Tinubu’s administration to the plight of Nigerians
The party, however, urged Nigerians not to despair, calling on them to support its presidential candidate, Seyi Makinde, ahead of the 2027 general elections