Quiz Oyedele, Edun over N12trn subsidy savings, APM tasks EFCC

The Allied Peoples’ Movement (APM) has formally demanded an investigation into an alleged N12 trillion discrepancy in savings from the removal of petrol subsidies, urging the Economic and Financial Crimes Commission (EFCC) to probe the issue and question senior officials. The petition targets Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, along with his predecessor, Wale Edun, and other officials within the Ministry of Petroleum Resources. The APM claims that the figure represents a significant gap between the N15.8 trillion savings cited by Oyedele and the earlier estimate of approximately $20 billion, equivalent to N27 trillion, as reported under Edun's tenure. According to a statement issued by APM National Publicity Secretary, Abubakar Yusuf, the discrepancy raises critical questions about the accuracy of financial reporting and the transparency of the process. The party emphasized that the missing funds could have been used for major national projects, such as constructing a refinery capable of processing 250,000 to 300,000 barrels per day, which would generate employment opportunities, attract investment, and lower petroleum prices. Additionally, the APM suggested that the funds could finance the construction of a 1,000-kilometre standard railway connecting Lagos, Abuja, and other regions, thereby improving transportation infrastructure and supporting economic activity. The APM accused the ruling All Progressives Congress (APC) of allowing corruption and mismanagement to deprive Nigerians of these benefits. It stated that the alleged diversion of subsidy savings by officials linked to the Tinubu administration has deepened public distrust and highlighted systemic issues in governance. The party reiterated its commitment to holding accountable all individuals responsible for the misuse of public resources. The petition follows growing public scrutiny over the handling of subsidy savings following the government’s decision to remove fuel subsidies in 2023, which led to sharp increases in fuel prices and widespread protests. While the government initially claimed savings of around N15.8 trillion, subsequent reports suggested much higher figures, prompting calls for greater transparency and oversight. The APM’s move comes amid ongoing debates about the allocation of these funds and whether they have been properly managed or diverted for personal gain. The EFCC has yet to respond publicly to the APM’s request, though it has previously investigated cases of financial misconduct involving high-ranking officials. The National Assembly has also been urged to conduct an open inquiry into the matter, with the APM asserting that Nigerians deserve clarity on how these substantial sums were handled. The party warned that failure to address the discrepancies could further erode public confidence in the administration’s ability to manage public finances responsibly. The controversy underscores broader challenges facing Nigerian governance, particularly in ensuring accountability and preventing the misuse of public resources. With the economy struggling under inflationary pressures and limited fiscal space, the fate of the subsidy savings remains a focal point for political and civil society actors seeking to hold the government to account. As the situation develops, the outcome of this investigation could have far-reaching implications for both policy implementation and public trust in institutional integrity.