N400bn Fuel Subsidy Savings: Publish details of spending, SERAP tell President Tinubu

A Lagos-based rights group, Socio-Economic Rights and Accountability Project (SERAP) on Sunday tasked President Bola Ahmed Tinubu to publish details of spending of about N400bn so far saved as a result of the removal of subsidy on Premium Motor Spirit (PMS) popularly called petrol.

In a statement signed by its Deputy Director, Kolawole Oluwadare, SERAP particularly urged the president to provide details of the plans on how subsequent savings from the removal of subsidy on petrol, including specific projects on which the funds would be spent, and the mechanisms that have been put in place to ensure that any such savings are not embezzled, misappropriated or diverted into private pockets.

Referencing its letter dated July 1, 2023, SERAP which revealed that the Federal Government of Nigeria (FGN) had saved N400bn within four weeks following the implementation of the policy on the removal of payment of subsidy on petrol, insisted that, “Your 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.

“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”.

The group, which added that Nigerians have the right to know how the savings are spent and that 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, expressed worries that the savings from subsidy removal may be embezzled, misappropriated or diverted into private pockets.

According to SERAP, “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.

“Unless the government is transparent and accountable to Nigerians in how it spends the savings from the removal of subsidy on petrol, the removal will continue to undermine the rights of Nigerians, and increase their vulnerability to poverty and social deprivation.

“Transparency would ensure that the funds saved from the removal of subsidy are not diverted into private pockets, and increase public trust and confidence that these savings would be used to benefit Nigerians”.

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