The Presidency has clarified that there is no provision for the sum of N5.4 trillion for fuel subsidy in 2024 while also shooting down reports making the rounds about plans to yank off import duties on food and drugs to address escalating prices of food items and drugs in the country.
The Presidency’s clarification was contained in a statement posted on the X platform by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday.
He explained that one of the documents titled, Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024, that was being shared as if it were an executive order signed by President Bola Tinubu was still at the proposal stage.
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He added that the other document, a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), containing suggestions on how to improve the Nigerian economy, is also still in the draft stage, and was just received by President Bola Tinubu on Tuesday.
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.
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“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”.
We call 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.
“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 review at the highest level of government. Indeed, one has ‘draft’ clearly written on it” the statement added.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
