…Says missing funds enough to build new refinery, 1,000km railway

The Allied Peoples’ Movement (APM) has petitioned the Economic and Financial Crimes Commission (EFCC) and the National Assembly over what it described as discrepancies in the Federal Government’s account of funds realised from the removal of petroleum subsidy.

The party alleged that about N12 trillion in subsidy savings could not be properly accounted for, insisting that the disputed amount was large enough to finance major infrastructure projects, including a new refinery and about 1,000 kilometres of railway.

The latest demand followed the Federal Government’s disclosure that N15.8 trillion was realised as savings from subsidy removal, a figure the APM has rejected as inconsistent with an earlier government estimate of about $20 billion, then valued at N26.9 trillion.

In a statement issued by its National Publicity Secretary, Abubakar Yusuf, the party said the disparity between the figures raised serious questions about the actual amount saved and the utilisation of the proceeds.

The APM said it had therefore petitioned the EFCC and the National Assembly to investigate the alleged discrepancies and establish the true state of the subsidy savings.

The party argued that if the earlier government figure of N26.9 trillion was correct, the difference between that amount and the N15.8 trillion subsequently reported amounted to more than N11 trillion, even before accounting for additional savings that may have accrued between November 2024 and 2026.

The party’s position is consistent with its earlier demand for a comprehensive account of subsidy-removal proceeds.

According to the APM, the government must explain how much was actually saved, how much was distributed among the three tiers of government and the specific purposes for which the funds were deployed.

It also faulted the government’s claim that of the N15.8 trillion reported as subsidy savings, N5.4 trillion went to the Federal Government, while N10.4 trillion was shared among states and local governments.

The opposition party demanded a detailed breakdown of the alleged disbursements, including the amounts received by individual states and local governments, dates of payment and the projects or programmes for which the funds were utilised.

“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 said.

The APM further questioned the government’s claim that N9.39 trillion from incremental resources generated through subsidy savings, independent revenue and borrowing was used to pay workers’ salaries and fund students’ loans.

It described the explanation as an attempt to shift public attention towards civil servants and students rather than address questions surrounding the management of the funds.

The party also rejected the Federal Government’s claim that its economic reforms had significantly benefited Nigerians, citing what it described as worsening poverty, unemployment, hardship and infrastructure deficits.

The APM said the alleged N12 trillion discrepancy, if properly accounted for, could have been deployed to address some of the country’s infrastructure challenges.

It argued that the amount would be sufficient to finance a new petroleum refinery and about 1,000km of railway, stressing that Nigerians deserved to know how such a substantial sum was accounted for.

The party’s petition adds to growing political controversy over the government’s accounting of savings from the removal of fuel subsidy. The APM had previously rejected the N15.8 trillion figure and insisted that the total savings exceeded N27 trillion.

The party urged the EFCC and the National Assembly to independently scrutinise the figures and establish whether any public funds had been misappropriated.

It also called on the government to make the relevant financial records available to Nigerians, arguing that transparency was necessary to restore public confidence in the management of the country’s resources.

The APM said the controversy should not be dismissed as a political disagreement, insisting that the subsidy savings were public funds and must therefore be subject to accountability and scrutiny.

It urged Nigerians to remain vigilant ahead of the 2027 general elections, saying the controversy underscored the need for greater transparency and accountability in the management of public resources. (Guardian)