•Tinubu and APM logo
The Allied Peoples’ Movement (APM) has rejected the federal government’s claim that only N15.8 trillion was realised as savings from the removal of petroleum subsidy, insisting that the proceeds exceeded N27 trillion.
The party also demanded a comprehensive account of the funds, including details of allocations to state and local governments, dates of disbursement and the specific purposes for which the money was deployed, reports The Guardian.
In a statement issued today by its National Publicity Secretary, Abubakar Yusuf, the APM described the federal government’s report on the utilisation of subsidy savings as a “litany of lies, inconsistencies and false claims,” alleging that the figures were intended to divert public attention from alleged mismanagement of the proceeds.
The party recalled that it had, in a July 9, 2026 statement, demanded a comprehensive account of the proceeds from subsidy removal, following what it described as concerns over the handling of the funds.
It particularly faulted the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, for putting the subsidy savings at N15.8 trillion.
According to the APM, the figure contradicts an earlier statement by the former Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who reportedly told Nigerians in November 2024 that the country had saved an estimated $20 billion, equivalent to about N26.9 trillion, from subsidy removal.
“The disparity in these 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 APM challenged the federal government to disclose the exact amount saved from subsidy removal, arguing that additional savings had accrued between November 2024 and 2026.
It also questioned the government’s claim that, of the N15.8 trillion it reported as savings, N5.4 trillion went to the Federal Government while N10.4 trillion was shared among the states and local governments.
The party described the claim as unsubstantiated, demanding a detailed breakdown of the funds allegedly distributed to each state and local government.
It asked the government to disclose the dates of disbursement as well as the specific purposes for which the funds were utilised.
“The diversionary attempt to shift the question to states and local government does not help the Tinubu administration,” the party said.
The APM also 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.
It said the claim that N9.39 trillion was spent on the two items amounted to an attempt by the ruling All Progressives Congress (APC) to “pitch Nigerians against innocent civil servants and students.”
The party warned that such claims could fuel further increases in the cost of living, describing civil servants and students as victims rather than beneficiaries of alleged corruption under the administration.
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 33.3 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.
It said the election offered Nigerians an opportunity to end what it described as APC’s “misrule” and install a leadership committed to transparency, accountability, national cohesion, peace and economic prosperity.
