Publish spending of N400b fuel subsidy savings, SERAP tasks Tinubu

Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to publish expenditure of about N400 billion so far saved from removal of Premium Motor Spirit (PMS) subsidy.

It implored the Nigerian leader to provide details of how subsequent savings would be spent, including specific projects and mechanisms in place to ensure that the funds are not embezzled, misappropriated or diverted into private pockets.

The Federal Government had saved N400 billion within the four weeks of implementation of the policy.

In a letter signed and addressed to the President at the weekend by deputy director, Kolawole Oluwadare, SERAP 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.”

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

Publishing details of the spending of the savings, the group said, would promote transparency, accountability and reduce risks of corruption in the spending of the funds.

It continued: “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.

“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.

“Transparency would ensure that the funds saved from the removal of subsidy are not diverted into private pockets, and increase public trust and confidence that these savings would be used to benefit Nigerians.

“The implementation of the National Social Safety Net Programme (NASSP) and spending on the programme have been mostly shrouded in secrecy.

“Publishing the details of the spending of the N400 billion and other savings from the removal of subsidy 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.”