The Allied Peoples’ Movement (APM) has thrown a fresh controversy into the fuel subsidy debate, demanding an investigation into an alleged N12 trillion discrepancy in the savings claimed to have been generated since the subsidy was removed.
The party wants the Economic and Financial Crimes Commission (EFCC) to summon Finance Minister and Coordinating Minister of the Economy, Taiwo Oyedele, his predecessor, Wale Edun, and relevant officials of the Ministry of Petroleum Resources to explain the conflicting figures.
The APM’s demand was contained in a statement issued by its National Publicity Secretary, Abubakar Yusuf, who questioned how the government arrived at the different figures.
According to the party, Oyedele recently put the total subsidy savings at N15.8 trillion, while earlier figures attributed to the government under Edun reportedly indicated that about $20 billion — estimated at N27 trillion at the time — had been saved by November 2024.
APM said the apparent N12 trillion gap was too huge to be ignored and insisted that Nigerians deserved to know what happened to the money.
The party therefore called on the EFCC to investigate the discrepancy and question Oyedele, Edun and other relevant government officials.
APM also challenged the National Assembly to open a public inquiry into the matter, arguing that the alleged difference represented money that could have transformed major sectors of the Nigerian economy.
The party said N12 trillion could potentially finance the construction of a major refinery with a capacity of between 250,000 and 300,000 barrels per day, creating jobs, attracting supporting businesses and helping to reduce pressure on fuel prices.
It further argued that the money could finance roughly 1,000 kilometres of standard-gauge railway, connecting Lagos, Abuja and other parts of the country.
According to APM, such an investment could ease pressure on Nigeria’s roads, improve movement of goods and people and boost economic activities.
The party accused the administration of failing to adequately account for the subsidy savings and said the conflicting figures had heightened suspicions of possible financial mismanagement.
APM alleged that the controversy had reinforced concerns about the alleged diversion of subsidy savings by corrupt officials and individuals linked to the administration of President Bola Tinubu.
The party vowed to continue pressing for answers until every naira generated from the removal of the petrol subsidy is properly accounted for.
