APM Petitions EFCC Over Alleged Missing Funds
The Allied Peoples’ Movement (APM) has petitioned the Economic and Financial Crimes Commission (EFCC), demanding an investigation into an alleged N12 trillion discrepancy in the savings reportedly realised by the Federal Government following the removal of petroleum subsidy in 2023.
The party also called on the National Assembly to conduct an open inquiry into the alleged discrepancy, arguing that the funds, if properly accounted for and deployed, could have financed major infrastructure projects, including a new refinery and a 1,000 kilometre railway line.
The demands were contained in a statement issued on Saturday by the APM National Publicity Secretary, Abubakar Yusuf.
Yusuf said the party’s petition was prompted by what it described as conflicting figures attributed to the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, and his predecessor, Wale Edun, regarding the amount saved from the removal of the subsidy.
According to the APM spokesman, while Oyedele reportedly put the savings at N15.8 trillion, government figures previously attributed to Edun indicated that about $20 billion, estimated at N27 trillion, had been saved as of November 2024.
The party said the difference between the figures had raised serious questions that required clarification by relevant authorities, particularly given the economic hardship facing millions of Nigerians.
“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.
The APM argued that the disputed N12 trillion, if available and properly utilised, could have been invested in critical infrastructure capable of transforming the Nigerian economy.
It specifically claimed that the funds could finance the construction of a refinery with a capacity of between 250,000 and 300,000 barrels per day, potentially creating thousands of jobs while stimulating ancillary investments and increasing the domestic production of petroleum products.
The party further claimed that the funds could finance a standard 1,000 kilometre railway connecting Lagos to Abuja and other parts of the country.
According to the APM, such a rail project would ease transportation challenges, boost commerce and industrialisation, reduce pressure on the nation’s roads and potentially lower fuel consumption.
“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 said.
The APM expressed concern that Nigerians continue to face economic hardship despite the huge financial resources reportedly generated from the removal of the subsidy.
Yusuf said the party had consequently asked the EFCC to investigate the alleged N12 trillion discrepancy and invite Oyedele, Edun and relevant officials of the Ministry of Petroleum Resources for questioning.
The party also urged the National Assembly to take immediate action by conducting what it described as an open inquest into the alleged missing subsidy savings.
Yusuf said the APM would continue to demand transparency and accountability until the funds generated from subsidy removal were fully 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 party also urged Nigerians to remain united and support its presidential candidate, Seyi Makinde, as part of what it described as a collective effort to tackle corruption, improve efficiency and reposition the country on the path of productivity, transparency and economic prosperity.