APM Dismisses FG’s Subsidy Savings Report, Says Over N27tn, Not N15.8tn, Was Saved

The Allied Peoples’ Movement (APM) has dismissed the Federal Government’s report on the spending of over N27 trillion realized from the removal of the subsidy on petroleum products, describing it as a litany of lies, inconsistencies, and false claims, ostensibly designed to hoodwink Nigerians and divert public attention from the alleged massive looting of the funds under the APC administration.

The party, in a statement yesterday signed by its National Publicity Secretary, Abubakar Yusuf, said it took the APM’s revelation of corruption in the handling of the proceeds from subsidy removal, as well as its insistence on a comprehensive account in a statement issued on July 9, 2026, before the Tinubu administration came up with a report laced with unsupported figures and false performance claims.

It said the party rejects the claim by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that only N15.8 trillion was realized as savings from subsidy removal.

The party said, “Perhaps he forgot that his predecessor in office, Wale Edun, told Nigerians in November 2024 that the nation had saved an estimated $20 billion (N26.9 trillion) from subsidy removal.

“The disparity in these figures further validates allegations of looting and raises serious questions about the overall integrity of the report, including its spending claims. The Tinubu administration must come clean on the exact amount currently saved, especially given that more savings have been garnered between November 2024 and 2026.

“On the issue of the spending of the funds, the APM and Nigerians are not fooled by APC’s illusory pattern of bandying about and muddling up figures with wholesale claims without details, just to confuse the unsuspecting public.

“The vague claim that, out of the now-belied N15.8 trillion, the Federal Government received only N5.4 trillion, while N10.4 trillion was shared among states and local governments across the country, remains unsubstantiated.

“Instead of resorting to blanket claims, we demand that the Federal Government provide a detailed breakdown of the funds shared with each state and local government, the dates of disbursement, and the specific purposes for which the money was deployed. The diversionary attempt to shift the question to states and local governments does not help the Tinubu administration.

“Also, our party considers the attempt by the APC to heap the burden of corruption on innocent civil servants and students by claiming that N9.39 trillion out of the total incremental resources from subsidy savings, independent revenue, and borrowings during the period went into the payment of workers’ wages and student loans to be callous.

“This comes to us as an attempt by the APC to pitch Nigerians against innocent civil servants and students, who are actually victims of the corruption of the APC. This vague claim is capable of triggering a further increase in the cost of living and making life more unbearable for Nigerians.”

The APM said it also finds the claims by the Federal Government that its reforms have benefited Nigerians, even in the face of the excruciating hardship in the country, where more than 140 million Nigerians now live below the poverty line, with a staggering 63% poverty rate, a frightening 33.3% unemployment rate, and an estimated $2.3 trillion infrastructure deficit, to be the height of President Bola Ahmed Tinubu’s administration’s insensitivity to the plight of citizens.

The APM, however, urged Nigerians not to despair but to continue to rally with “our party and presidential candidate, Engr. Seyi Makinde, as we use the 2027 election to end the APC misrule and enthrone a truthful, transparent, and trustworthy leadership that will reposition our nation and return her to the path of peace, national cohesion, and economic prosperity.”