Media reports claiming that the federal government has set aside N5.4 trillion for fuel subsidy payments have been refuted by Special Advisor to the President on Information and Strategy, Bayo Onanuga, who maintains that the fuel subsidy era is permanently finished.
He issued a warning to social media and mainstream media outlets to stop publishing fiscal policy documents that have not been approved by the administration.
One of the documents, Inflation Reduction and Price Stability (Fiscal Policy Measure etc.) Order 2024, is being distributed, Onanuga bemoaned, as though it were an executive order with President Bola Ahmed Tinubu’s signature.
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“The other 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. President Tinubu received a copy of the draft on Tuesday,” he noted.
He emphasised that none of the two documents are authorised official documents of the Federal Government of Nigeria and advised the public and media to ignore them and stop having further conversations about them.
“It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised,” stated Mr. Wale Edun, the Coordinating Minister of the Economy.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
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“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.
He said the Coordinating Minister of the Economy had 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.
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“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.”
He urged the media to always use the appropriate caution and checks when using papers that do not come from official channels in order to ensure that the general public is well-informed, directed, and educated about government policies and initiatives.
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