*Insists Petrol Subsidy Era Is ‘Gone for Good’ Despite N5.4trn Estimate
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The Presidency has cautioned the public and the media against the use of two fiscal policy documents circulating on social media platforms, describing them as unofficial and subject to review.
The documents titled: “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP)” are said to contain proposals on economic policy, including customs tariffs and fuel subsidy.
However in a statemen on Thursday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the Presidency clarified that none of the documents has been approved or finalised, reminding all that policymaking is an iterative process involving multiple drafts and discussions.
The Coordinating Minister of the Economy, Wale Edun, assured that the official position on the documents will be made available after comprehensive reviews and approvals are completed.
Quoting Edun, on the documents, the statement 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”.
The Presidency urged the media to exercise restraint and verify documents through official channels to ensure accurate information and avoid misleading the public.
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