Tell Nigerians How You Will Spend N400bn Saved from Subsidy Removal, SERAP Urges Tinubu

By Nicholas Ojo

For accountability and transparency in Governance, the Socio-Economic Rights and Accountability Project (SERAP) has called on President Bola Ahmed Tinubu publish details of spending of about N400bn saved from the removal of subsidy.

President Tinubu had declared the removal of fuel subsidy during his inaugural address on May 29th.

Recently, Federal Government said it has so far saved about N400bn within the four weeks following the removal of payment of subsidy on Premium Motor Spirit (PMS) popularly called petrol.

However, SERAP in a letter dated July 1, 2023, and signed by it Deputy Director, Kolawole Oluwadare, noted that government has a legal responsibility to ensure that the savings from the removal of subsidy on petrol are spent solely for the benefit of the 137 million poor Nigerians who are bearing the brunt of the removal

The group asserted that Nigerians, deserved to know how the savings were spent, charging the president to promote transparency, accountability, and reduce the risks of corruption in the spending of the funds by publishing the details on the spending of the savings.

SERAP said, “Prevention of corruption in the spending of savings from the removal of subsidy on petrol and preventing and addressing the challenges caused by the removal are serious and legitimate public interests.

“Nigerians have the right to know how the savings are spent. Publishing the details of the spending of the savings would promote transparency, accountability, and reduce the risks of corruption in the spending of the funds.

“SERAP is concerned that the savings from subsidy removal may be embezzled, misappropriated or diverted into private pockets.

“Opacity in the spending of the savings from subsidy removal would have negative impacts on the fundamental interests of the citizens and the public interest.

“We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest,” the statement added.