SERAP Seeks Details From President Tinubu Of N400Bilion Save Through Fuel Subsidy Removal

By Simeon OSAJIE

For proper accountability and transparency, the Socio-Economic Rights and Accountability Project (SERAP) has advised 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”.

“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,” SERAP said.

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

In the letter dated 1st July, 2023 issued and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said: “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.”

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

“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 added.

SERAP’s letter read in parts: “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.

“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.”