The Allied People’s Movement (APM) has called on the President Bola Tinubu-led Federal Government to immediately publish a detailed and independently verifiable account of the more than ₦20 trillion it says has been realised from the removal of fuel subsidy since May 2023.
In a statement issued on Thursday by its National Publicity Secretary, Abubakar Yusuf, the opposition party said the demand became necessary in light of the worsening economic hardship, rising poverty, soaring cost of living, deteriorating public infrastructure and the absence of visible evidence showing how the subsidy proceeds have been utilised.
According to the APM, since President Tinubu announced on May 29, 2023, that “subsidy is gone,” Nigerians have faced severe economic difficulties. The party noted that petrol prices jumped from below ₦200 per litre to over ₦1,500 per litre, triggering sharp increases in transportation costs, food prices, school fees, medical expenses, house rents, electricity tariffs and the cost of other essential goods and services.
The party further alleged that there have been reports of widespread corruption, diversion and mismanagement of the funds generated from the subsidy removal, accusing government officials of making conflicting claims and announcing what it described as fictitious achievements instead of providing transparent financial records.
APM said hunger has become a national emergency under the All Progressives Congress (APC)-led administration, with millions of Nigerians struggling to afford daily meals. It added that many small businesses are shutting down due to rising operating costs, while workers’ purchasing power has been severely eroded by inflation, alongside increasing poverty and unemployment.
The party also claimed that Nigeria’s infrastructure deficit has now reached an estimated $2.3 trillion, citing experts who estimate that about $100 billion would be required annually over the next three decades to bridge the gap.
Despite the enormous financial gains expected from subsidy removal, the APM argued that the Federal Government has failed to provide a comprehensive public record showing the total amount realised, how the funds have been spent, who benefited from the interventions, and whether the expenditures have produced measurable improvements in the lives of Nigerians.
It dismissed the government’s repeated assurances that the proceeds are being invested in critical sectors, insisting that such claims are insufficient without verifiable figures, transparent documentation and identifiable projects.
The party stressed that the success of any economic reform should be measured by its tangible impact on citizens rather than official pronouncements, and urged the Tinubu administration to rise above political rhetoric by releasing a comprehensive report detailing the total subsidy savings, all expenditures made, the beneficiaries of every intervention and the measurable outcomes achieved.
