N27trn Subsidy Funds: APM Accuses Tinubu Govt of ‘Litany of Lies’

The Allied Peoples’ Movement has accused the Federal Government of failing to provide a clear account of the money generated from the removal of the petrol subsidy, alleging inconsistencies in the figures released by the Tinubu administration.

The opposition party said the government’s explanation of the more than N27 trillion it claimed was generated from subsidy removal contained conflicting figures and did not adequately explain how the funds were received, shared or spent.

The National Publicity Secretary of the APM, Abubakar Yusuf, made the allegations in a statement while reacting to the Federal Government’s account of the subsidy savings.

The party said its concerns followed a demand it made on July 9 for the government to provide Nigerians with a detailed explanation of the money generated after the petrol subsidy was removed.

According to the APM, the latest figures provided by the government have created more questions, particularly over the total amount saved from the policy.

The party questioned the claim by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that the government had realised N15.8 trillion in subsidy-removal savings.

The APM said the figure appeared different from an earlier disclosure attributed to former Finance Minister Wale Edun, who reportedly stated in November 2024 that Nigeria had saved about $20 billion, then estimated at N26.9 trillion, from the removal of the subsidy.

The party wants the government to explain the difference between the two figures and disclose how much has been saved since the earlier figure was announced.

It argued that additional savings would have been generated between November 2024 and 2026 and therefore demanded an updated account covering the entire period.

The APM also questioned the government’s explanation of how the available funds were distributed among the three tiers of government.

According to the party, the government reported that N5.4 trillion went to the Federal Government, while N10.4 trillion was distributed to state and local governments.

The opposition party said Nigerians should be given a detailed breakdown showing how much each state and local government received, when the payments were made and the purposes for which the money was allocated.

It argued that general figures were not enough to establish how the subsidy savings had been managed and called for greater transparency in the handling of the funds.

The APM also criticised the government’s explanation that N9.39 trillion from additional resources, including subsidy savings, independent revenue and borrowing, was used for workers’ salaries and student loans.

The party argued that presenting the money as being spent on salaries and student support could create the impression that workers and students were responsible for the country’s economic difficulties.

It instead accused the administration of failing to properly account for the funds while Nigerians continue to face economic pressure.

The APM further rejected the Federal Government’s claim that its economic reforms were delivering broad benefits to citizens.

The party pointed to rising hardship, poverty and unemployment, as well as the country’s infrastructure challenges, as reasons why it believes the government’s policies have not produced the relief Nigerians expected.

The opposition party called for greater accountability in the management of public resources and insisted that the government should provide Nigerians with verifiable details of the subsidy funds.

The APM also urged Nigerians to consider the government’s record when voting in the 2027 general elections.

It called on voters to support its presidential candidate, Seyi Makinde, saying his emergence would provide an alternative focused on transparency, accountability and better management of public resources.