The Nigerian government has debunked claims that the federal government has earmarked N5.4 trillion for fuel subsidy payments, asserting that such an era is “gone for good.”
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, cautioned both mainstream media outlets and social media platforms against disseminating fiscal policy documents that have not been authenticated by the government. He lamented that one of the documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” is being circulated as though it were an executive order signed by President Bola Ahmed Tinubu.
“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 urged the general public to exercise caution regarding the two documents and cease all discussions concerning them, emphasising that neither of the documents has been approved.
“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 the 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.
“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.”
He addressed the media, advising them to consistently fact-check documents and refrain from utilising materials that do not originate from official channels. This, he stressed, is crucial to ensuring the public is accurately informed, guided, and educated regarding government programmes and policies.