The Federal Government has reiterated that President Bola Tinubu’s position on fuel subsidy removal remains unchanged since his May 29, 2023 declaration.
According to a statement by Special Adviser Bayo Onanuga, the Coordinating Minister of the Economy, Wale Edun, confirmed that the fuel subsidy regime has ended and no allocation was made for it in the 2024 budget, contrary to speculation.
The presidency urged the public and media to disregard and cease discussions on two fiscal policy documents circulating online, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure, etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP)”.
The government’s stance aims to clarify any confusion and reaffirm its commitment to economic reforms, according to The Wills.
Noting that emanating from the two documents have been reports second-guessing the government’s policy on customs tariffs, fuel subsidy and other economic matters, Onanuga said the policy proposals are not approved official documents of the Federal Government of Nigeria.
“They are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has a ‘draft’ clearly written on it.
“We urge the public and the media to disregard the two documents and cease further discussions on them. None is an approved official document of the Federal Government of Nigeria.
“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 said.
Onanuga further quoted the Coordinating Minister of the Economy as saying, “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.
“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.
“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.”
Onanuga called on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided, and educated on government policies and programmes.
