SERAP demands transparency in N400b fuel subsidy savings spending.

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The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to provide a breakdown of the expenditure of approximately N400 billion saved from the removal of the Premium Motor Spirit (PMS) subsidy. In a letter addressed to the President, SERAP emphasized the need for transparency and accountability, requesting details on how future savings would be utilized, including specific projects and measures in place to prevent embezzlement or diversion of funds.

The Federal Government had already saved N400 billion within a four-week period following the policy’s implementation. SERAP highlighted that the government has a legal obligation to ensure that these savings are solely used for the benefit of the 137 million poor Nigerians who bear the brunt of the subsidy removal. By publishing information regarding the spending of these savings, SERAP believes transparency, accountability, and the risk of corruption can be reduced.

The organization stressed that Nigerians have the right to know how the funds are being utilized, as the lack of transparency would undermine citizens’ rights and increase their vulnerability to poverty and social deprivation. By disclosing the details of the N400 billion spending and other savings from the subsidy removal, SERAP aims to enhance public trust, ensure the funds are not misappropriated, and hold accountable those responsible for managing the funds. The transparency of the National Social Safety Net Programme (NASSP) implementation and spending was also highlighted as an area needing improvement.

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