… reveals documents on fiscal policy proposal not official
…fuel subsidy regime has ended -Minister of Finance
Oredola Adeola
The Federal Government has dismissed rumours sparked by a leaked document suggesting that N5.4 trillion has been earmarked for petrol subsidies in the 2024 fiscal budget, reiterating that President Bola Ahmed Tinubu’s stance on fuel subsidies, as declared on May 29, 2023, remains unchanged.
Bayo Onanuga, Special Adviser to the President on Information and Strategy made this known in a statement released on Thursday, and obtained by Advisors Reports.
He called on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels.
The President’s spokesman observed that two fiscal policy documents in circulation are being given wide coverage by the mainstream media and social media platforms.
Onanuga further emphasised that one of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were an executive order signed by President Bola Ahmed Tinubu.
The Presidency added that the other document is a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy.
The SA to the President on Media and Strategy observed that President Tinubu received a copy of the draft on Tuesday, and therefore urged the public and the media to disregard the two documents and cease further discussions on them.
He revealed that none is an approved official document of the Federal Government of Nigeria.
According to him, they are all policy proposals that are still subject to reviews at the highest level of government.
“Indeed, one has ‘draft’ clearly written on it,” Onanuga emphasised.
Onanuga quoted Mr. Wale Edun, Coordinating Minister of the Economy, to have said, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.
“Emanating from the two documents have been reports second-guessing government’s policy on customs tariffs, fuel subsidy and other economic matters.
“The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 2023.
“The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun stated.
The Coordinating Minister of the Economy further clarified, “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place.
“The Federal Government is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.
“Our strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations,”Mr.Edun said.
