APC, Opposition Trade Words Over $20bn Subsidy Savings
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The recent declaration by the Federal Government that it had saved $20 billion from the removal of fuel subsidies and the market-based pricing of the naira has sparked intense debate, with major opposition parties questioning the veracity of the claim.
In a statement on Monday, the Minister of Finance, Wale Edun, confirmed the savings, attributing it to President Bola Tinubu’s economic reforms, which include the controversial removal of fuel subsidies and the floating of the naira.
The announcement was made at a ceremony marking the first 100 days in office of the Head of Civil Service of the Federation, Didi Walson-Jack, in Abuja.
However, opposition leaders have voiced skepticism over the claims, with the Labour Party’s National Legal Adviser, Kehinde Edun, expressing doubt about the government’s transparency.
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He described the report as “strange” and emphasized that Nigerians deserve to know how the savings are being utilized. “If money is being saved, we also deserve to know what is being done with it,” Edun said.
He added that the government must do more to convince the people that their circumstances will improve. “The reality on the ground is that things are tough, and Nigerians are struggling.”
Similarly, the Deputy National Publicity Secretary of the Peoples Democratic Party (PDP), Ibrahim Abdullahi, dismissed the claim as “too porous” to be taken seriously.
He argued that the government’s financial inconsistencies, including the frequent requests for loan approvals from the National Assembly, undermined the credibility of the $20bn savings report.
“How could the same government that is burdened by debt and struggling to fund its projects suddenly claim to have saved such a significant amount?” Abdullahi questioned, labeling the government’s narrative as a “lie from the pit of hell.”
Ladipo Johnson, the National Publicity Secretary of the New Nigeria People’s Party (NNPP), also expressed concerns, stressing that the people were more interested in seeing tangible benefits from the alleged savings.
“It is not just about saving $20bn,” he stated. “What is the impact on the people and the economy? We need to see real economic benefits for the masses.”he said.
In contrast, the ruling All Progressives Congress (APC) defended the government’s stance. Speaking, the National Publicity Director of the APC, Bala Ibrahim, dismissed the opposition’s criticisms, stating that they were trying to politicize the economy.
He explained that the economic reforms were designed to foster long-term growth and that borrowing, when managed effectively, did not equate to economic failure.
“The most indebted countries, like the United States, are not the poorest,” Ibrahim pointed out, stressing that the international community was acknowledging Nigeria’s economic growth, including the resumption of operations at the Port Harcourt refinery and improvements in the country’s GDP and employment rate.
