The Allied People’s Movement (APM) has called on the Federal Government to publish a comprehensive and independently verifiable audit of all proceeds realised from the removal of fuel subsidy, arguing that Nigerians deserve to know how the trillions of naira reportedly saved since the policy took effect in May 2023 have been utilised.

The opposition party, in a statement issued on Thursday by its National Publicity Secretary, Hon. Abubakar Yusuf, said the demand had become imperative in view of the worsening economic hardship, rising poverty, soaring inflation and deteriorating living conditions across the country.

The APM maintained that while the administration of President Bola Tinubu justified the removal of fuel subsidy as a necessary economic reform that would free up resources for infrastructure development and social welfare programmes, Nigerians were yet to see tangible evidence that the savings had translated into improved public services or better living standards.

According to the party, the removal of subsidy, announced by President Tinubu during his inauguration on May 29, 2023, triggered an unprecedented increase in the pump price of petrol from below N200 per litre to over N1,500 per litre, with a corresponding rise in transportation costs, food prices, school fees, medical expenses, electricity tariffs and house rents.

It argued that the ripple effects of the policy had significantly eroded the purchasing power of Nigerians, forcing many households into deeper economic hardship while businesses continue to grapple with escalating operating costs.

The party also expressed concern over what it described as the absence of transparency in the management of funds generated from the fuel subsidy removal, alleging that despite reports of huge inflows running into trillions of naira, the government had not provided a detailed public account of the revenues realised or how they had been expended.

It further alleged that reports of corruption and diversion of public resources had heightened public concern over the management of the subsidy savings.

“Despite the heavy premiums citizens pay daily, the APC administration is not forthcoming with a transparent account of the trillions accrued to it from the removal of subsidy. No comprehensive public record has been presented to demonstrate how much has been realised, how much has been spent, and whether those expenditures have translated into measurable improvements in the lives of citizens,” the statement read.

The APM said claims by government officials that the proceeds were being invested in critical sectors could not substitute for transparency, insisting that Nigerians were entitled to verifiable information on the actual amount realised, projects funded, locations of such projects and the beneficiaries of intervention programmes.

Describing the country’s economic situation as alarming, the party said hunger had become widespread, while unemployment, poverty and the cost of living continued to rise despite repeated assurances by the government that ongoing economic reforms would ultimately yield positive results.

The party also cited Nigeria’s infrastructure deficit, which it put at about $2.3 trillion, noting that experts estimate the country would require approximately $100 billion annually over the next three decades to bridge the gap.

It urged the Federal Government to immediately publish a comprehensive report detailing total subsidy savings since May 2023, expenditures made from the fund, beneficiaries of all interventions and measurable outcomes achieved.

While stressing that it was not opposed to economic reforms capable of advancing national development, the APM insisted that such policies must be anchored on transparency, accountability and measurable improvements in the welfare of citizens.

The party added that the success of any economic reform should be judged not by official pronouncements or statistical claims but by its impact on the daily lives of Nigerians, many of whom, it said, now struggle to afford food, healthcare, transportation and quality education.