The Socio-Economic Rights and Responsibility Project (SERAP) has asked the Federal Government of Nigeria to release details of the N400 billion savings from fuel subsidy removal.
SERAP made the demand in a statement over the weekend while fearing that the amount was not embezzled by some individuals.
The statement partly read, “SERAP is concerned that the savings from subsidy removal may be embezzled, misappropriated, or diverted into private pockets.”
The socio-economic group’s appeal came after more than thirty days of President Bola Tinubu’s removal of fuel subsidies.
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READ ALSO: How Tinubu Saved N400bn With Fuel Subsidy Removal
In February 2023, the Group Managing Director of the Nigerian National Petroleum Corporation Limited, NNPCL, Mr Mele Kyari explained that the country was spending over N400 billion a month on fuel subsidies.
Kyari revealed that the nation would save the amount spent on fuel subsidy after its removal.
In the first half of 2023, the country spent over three trillion Naira (3.35 trillion naira) on fuel subsidies, as reported in the Medium Term Expenditure Framework 2023-2035 and MTEF & FSP Financial Strategy Paper.
Reports further disclosed that the NNPCL did not cite a referral to the Federation Accounts Allocation Committee (FAAC) for fuel allowance payments.
However, with the fuel subsidy ending in June 2023, Tinubu’s government was yet to provide details of the savings made from the end of the subsidy.
