June 06, (THEWILL) – The Federal Government has said the position of President Bola Tinubu on fuel subsidy removal has not changed from what he declared on May 29, 2023.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, who disclosed this position in a statement on Thursday, quoted the Coordinating Minister of the Economy, Wale Edun, as saying the fuel subsidy regime has ended, and no N5.4 trillion has been set aside for it in the 2024 budget as being widely “speculated and discussed”.
Consequently, Onanuga urged the public and the media to disregard and cease further discussions on two fiscal policy documents in circulation, titled: “Inflation Reduction and Price Stability (Fiscal Policy Measure, etc) Order 2024″ and “Accelerated Stabilisation and Advancement Plan (ASAP)”.
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.
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