APM dismisses FG’s N15.8tr subsidy savings claim

The Allied Peoples’ Movement (APM) has refuted the Federal Government’s claim of realizing N15.8 trillion in savings from the removal of petroleum subsidy subsidies. In a statement, the APM’s National Publicity Secretary, Abubakar Yusuf, described the report as filled with lies, inconsistencies, and false claims. The opposition party insisted that the figures were meant to divert public attention from allegations of mismanagement of the subsidy savings.

They demanded a detailed breakdown of the funds, including how they were allocated to state and local governments, as well as the dates of disbursement to the three branches of government. The APM criticized Finance Minister Taiwo Oyedele for stating the subsidy savings at N15.8 trillion, which they argued is far greater than the previous Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who had said the country saved an estimated $20 billion, or N26.9 trillion.

The APM pointed out that the discrepancy between the two figures supports allegations of looting and raises concerns about the integrity of the report, including its spending claims. They accused the government of diverting the additional funds generated by subsidy savings, along with independent revenue and borrowing, into paying workers' wages and students' loans.

The APM also questioned the government's assertion that its economic reforms had benefited Nigerians, citing rising poverty and hardship. According to the opposition, over 140 million Nigerians now live below the poverty line, representing a poverty rate of 63%, with an unemployment rate of 33.3% and a $2.3 trillion infrastructure deficit.

The APM characterized the current situation as evidence of the "insensitivity" of President Bola Ahmed Tinubu's administration towards the Nigerian people. They urged Nigerians not to lose hope, urging them to support their presidential candidate, Seyi Makinde, in the upcoming 2027 general elections.