… party claims money can give Nigeria new rail line, refinery
The Allied Peoples’ Movement (APM) has petitioned the Economic and Financial Crimes Commission (EFCC), seeking an investigation into the alleged N12 trillion discrepancy in the savings realised from the removal of petroleum subsidy by the Federal Government in 2023.
The party also called on the National Assembly to conduct an open inquiry into the alleged missing funds, saying the money, if properly accounted for and deployed, could have financed major infrastructure projects, including a new refinery and a 1,000-kilometre railway line for the country.
The APM made the demands in a statement issued on Saturday by its National Publicity Secretary, Mr Abubakar Yusuf.
Yusuf said the party’s petition was based on conflicting figures attributed to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and his predecessor, Mr Wale Edun, on the exact amount saved from subsidy removal.
According to him, while Oyedele reportedly put the savings at N15.8 trn, government data previously announced by Edun indicated that about $20 billion, estimated at N27 trn, had been saved as of November 2024.
“The missing N12 trillion further vindicates allegations in the public space that the bulk of the subsidy savings have been stolen by corrupt officials and cronies of the All Progressives Congress (APC)-led administration,” the party alleged.
It 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 claimed that the funds could finance a standard 1,000-kilometre railway linking Lagos to Abuja and other parts of the country, thereby easing transportation, boosting commerce and industrialisation, reducing pressure on roads and cutting fuel demand.
“It is therefore disheartening that due to sheer greed, avarice and incurable corruption of the APC, Nigerians have been denied these life-enhancing benefits that ought to have come from the removal of subsidy on petroleum products,” the party added.
The APM spokesman said the party was disturbed that millions of Nigerians were being subjected to hardship while public resources were allegedly being mismanaged.
He disclosed 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 be on the side of the people and immediately conduct an open inquest into the missing subsidy savings.”
Yusuf said the APM would continue to demand accountability until every naira from the subsidy savings was accounted for.
“Our party assures Nigerians that it will not rest on its oars until every kobo from the subsidy savings is accounted for,” he stated.
The APM urged Nigerians to remain united and support the party’s presidential candidate, Engr. Seyi Makinde, in what he described as a collective effort to tackle corruption, improve efficiency and reset the country on the path of productivity, transparency and economic prosperity.