The Socio-Economic Rights and Accountability Project (SERAP) has requested that President Bola Tinubu reveal the expenditure of the approximately N400 billion that has been saved as a result of the withdrawal of the Premium Motor Spirit (PMS) subsidy.
It pleaded with the Nigerian leader to offer specifics regarding the subsequent savings that would be spent, including the particular projects that would be funded and the measures that would be put into place to ensure that the funds would not be stolen, misappropriated, or taken for personal use.
Within the first month of the policy’s implementation, the Federal Government had already accumulated savings of N400 billion.
SERAP’s deputy director, Kolawole Oluwadare, sent a letter to the President over the weekend that read in part: “Your government has a legal responsibility to ensure that the savings from the removal of the subsidy on petrol are spent solely for the benefit of the 137 million poor Nigerians, who are bearing the brunt of the removal.” The letter was signed by Kolawole Oluwadare and addressed to the President.
“Preventing and addressing the challenges caused by the removal of the subsidy on gasoline is a serious and legitimate public interest,” as well as “preventing corruption in the spending of savings from the removal of the subsidy on gasoline.”
The organization believes that Nigerians have a right to be informed about how their country’s savings are being used.
According to the members of the organization, disclosing the specifics of how the cost savings were spent would foster transparency and accountability, in addition to lowering the likelihood that the funds would be misappropriated.
The next part of the statement read as follows: “Opacity in the spending of the savings from the removal of the subsidy 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 the subsidy on petrol, the removal will continue to undermine the rights of Nigerians and increase their vulnerability to poverty and social deprivation. ” “Unless the government is transparent and accountable to Nigerians in how it spends the savings from the removal of the subsidy on petrol.”
“Transparency would ensure that the funds saved from the removal of subsidy are not diverted into private pockets, and it would increase public trust and confidence that these savings would be used to benefit Nigerians.” [Citation needed] “Transparency would ensure that the funds saved from the removal of subsidy are not diverted into private pockets.”
“Both the execution of the National Social Safety Net Programme (NASSP) and the spending that has been done on the programme have been cloaked in a great deal of secrecy.
“By publishing the details of the spending of the N400 billion and other savings from the removal of subsidy, it would also ensure that persons with public responsibilities are answerable to the people for the performance of their duties, including the management of the funds,” according to the article.