SERAP Writes Tinubu, Seeks Spending Details of N400bn Fuel Subsidy Savings

The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Ahmed Tinubu to use his good offices and leadership position to “urgently 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.”

SERAP urged him 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.”

According to reports, the Federal Government has saved N400bn within the four weeks following the implementation of the policy on the removal of payment of subsidy on petrol.

In the letter dated 1 July 2023 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said the 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.”

According to SERAP, “Nigerians have the right to know how the savings are spent.

The association explained 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.”

It further said 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.”