…the party claims the money can give Nigeria a new railway line and refinery
The Allied Peoples Movement (APM) has petitioned the Economic and Financial Crimes Commission (EFCC) for an investigation into the alleged N12 trillion discrepancy in savings made from the removal of oil subsidy by the Federal Government in 2023.
The party also called on the National Assembly to conduct an open investigation into the alleged missing funds, saying the money, if accounted for and used properly, could have funded major infrastructure projects, including a new refinery and a 1,000-kilometer railway line for the country.
The APM made these demands in a statement issued on Saturday by its National Publicity Secretary, Abubakar Yusuf.
Yusuf said the party’s request was based on conflicting figures attributed to the Minister of Finance and Coordinating Minister for the Economy, Taiwo Oyedele, and his predecessor, Wale Edun, on the exact amount saved through the removal of subsidies.
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According to him, while Oyedele reportedly estimated the savings at N15.8 trillion, government data previously announced by Edun indicated that about $20 billion, estimated at N27 trillion, had been saved by November 2024.
“The missing N12 trillion further justifies allegations in the public space that most of the subsidy savings have been stolen by corrupt officials and cronies of the All Progressives Congress (APC)-led administration,” the party alleged.
He said the N12 trn in question could have been used to build a refinery with a capacity of between 250,000 and 300,000 barrels per day, with significant economic benefits, including job creation, ancillary investments and increased production of petroleum by-products.
The APM further stated that the funds could finance a 1,000 kilometer standard railway linking Lagos with Abuja and other parts of the country, thereby facilitating transportation, boosting trade and industrialization, reducing pressure on roads and cutting fuel demand.
“It is therefore disheartening that due to the sheer greed, avarice and incurable corruption of the APC, Nigerians have been denied these life-enhancing benefits that should have come from the removal of subsidies on petroleum products,” the party added.
The APM spokesperson said the party was concerned that millions of Nigerians were being subjected to hardship while public resources were allegedly mismanaged.
He revealed that the party had asked the EFCC to investigate the alleged N12 trn discrepancy and invite Oyedele, Edun and officials of the Ministry of Petroleum Resources for questioning.
The party also urged the National Assembly to “stand on the side of the people and immediately carry out an open investigation into the missing subsidy savings.”
Yusuf said the APM would continue to demand accountability until every naira of the subsidy savings was accounted for.
“Our party assures Nigerians that it will not rest until every kobo of the subsidy savings is accounted for,” he said.
The APM urged Nigerians to remain united and support the party’s presidential candidate, Eng. Seyi Makinde, in what it described as a collective effort to tackle corruption, improve efficiency and restore the country on the path of productivity, transparency and economic prosperity.
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