The Allied Peoples’ Movement (APM) has formally rejected the President Bola Tinubu-led administration’s report on the expenditure of savings accrued from the removal of the petroleum subsidy, branding the document a “litany of lies, inconsistencies, and false claims”.
​In an official statement released on Thursday, August 20, 2026, from the party’s headquarters in Abuja, APM’s National Publicity Secretary, Hon. Abubakar Yusuf, accused the All Progressives Congress (APC) administration of fabricating figures to hoodwink the public and obscure widespread looting of public funds.
​Yusuf highlighted a glaring contradiction in the Federal Government’s accounting, pointing out that the current Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, recently claimed that only N15.8 trillion was realized as total savings from the subsidy removal.
The APM spokesman noted that this assertion directly conflicts with an earlier disclosure made in November 2024 by former Finance Minister Wale Edun, who announced that Nigeria had saved approximately $20 billion (around N26.9 trillion) within the first year and a half of the policy.
​”The disparity in these figures further validates allegations of looting and raises serious questions on the overall integrity of the report, including its spending claims,” Yusuf stated. He noted that total savings should significantly exceed N27 trillion when accounting for additional revenues accrued between late 2024 and mid-2026.
​The APM outlined several key demands and objections regarding the official report. The opposition party dismissed the government’s claim that N10.4 trillion was shared among state and local governments while the Federal Government retained N5.4 trillion, demanding a detailed breakdown of exact dates, venues, and specific projects funded across each state and local government area.
APM condemned the administration’s attempt to claim that N9.39 trillion was spent on civil service wages and student loans, describing the assertion as a narrative designed to pitch everyday Nigerians against workers and students.
Referencing its initial demand made on July 9, 2026, the APM reiterated the need for an independent, comprehensive public audit detailing every naira saved, disbursed, and deployed since the subsidy was ended in May 2023.
​The opposition party urged Nigerians to reject the ruling party’s economic narratives and hold the administration accountable for the worsening poverty and cost-of-living crisis across the country.
The Tinubu administration and the ruling All Progressives Congress (APC) defend the subsidy removal as an essential economic reform that has significantly increased revenues available to federal, state, and local governments.
The government maintains that increased revenues are being allocated to critical public expenditures, infrastructure, civil service wages, and student loans.
