…Demands Probe, Says Money Could Build Refinery, 1,000km Railway
The Allied Peoples’ Movement (APM) has petitioned the Economic and Financial Crimes Commission (EFCC) and the National Assembly to investigate what it described as a ₦12 trillion discrepancy in savings reportedly realised from the removal of petroleum subsidy.
The party demanded that the Federal Government account for every naira generated or saved through the policy, following what it described as conflicting figures from government officials on the total amount involved.
According to the APM, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently put the savings from subsidy removal at ₦15.8 trillion.
The party, however, said figures previously attributed to former Finance Minister, Wale Edun, indicated that about $20 billion, equivalent to approximately ₦27 trillion, had been saved as of November 2024.
The APM, in a statement issued on Saturday in Abuja by its National Publicity Secretary, Abubakar Yusuf, said the difference of about ₦12 trillion required urgent clarification.
The opposition party said the conflicting figures had heightened public concerns over the management and utilisation of funds saved from the subsidy removal.
It argued that Nigerians deserved a transparent account of the money, particularly at a time when households and businesses continue to face economic hardship.
According to the APM, ₦12 trillion, if properly deployed, could finance major infrastructure projects capable of transforming the economy.
The party claimed that the amount could support the construction of a large-scale petroleum refinery with a capacity of between 250,000 and 300,000 barrels per day, potentially creating jobs, stimulating ancillary industries and increasing domestic refining capacity.
The APM also argued that the funds could finance approximately 1,000 kilometres of standard railway infrastructure, connecting major commercial and political centres across the country.
Such investment, it said, would create employment, boost commerce and industrialisation, reduce pressure on the nation’s roads and lower dependence on road transportation.
The party expressed concern that Nigerians were still grappling with rising living costs while questions remained unanswered over the management of funds reportedly saved from the petroleum subsidy removal.
It therefore urged the EFCC to commence an immediate investigation into the alleged ₦12 trillion discrepancy.
The APM also called on the anti-graft agency to invite Oyedele, Edun and relevant officials of the Ministry of Petroleum Resources to explain the different figures and account for the funds involved.
The party further urged the National Assembly to conduct an open and transparent inquiry into the subsidy-removal savings and make its findings public.
The APM said it would continue to demand accountability until all proceeds from the subsidy-removal policy were properly accounted for.
The party also urged Nigerians to remain united as it rallies support for its presidential candidate, Engr. Seyi Makinde, whom it said would prioritise accountability, transparency, efficiency, productivity and economic prosperity if elected.
