Presidency denies spending N5.4trn on subsidy payment in 2024

The Presidency has debunked the release of the two fiscal policy documents which have since gone viral, noting that it didn’t earmark N5.4 trillion for fuel subsidy payment in 2024.

One of the documents titled, ‘Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024’ was shared as an executive order signed by President Bola Tinubu.

The other is a 65-page draft document with the title, ‘Accelerated Stabilisation and Advancement Plan (ASAP)’, containing suggestions on how to improve the Nigerian economy.

Emanating from the two documents were reports second-guessing government’s policy on customs tariffs, fuel subsidy, and other economic matters.

Speaking on the development, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement issued on Thursday, June 6, 2024, disclosed that President Tinubu received a copy of the draft on Tuesday, June 4.

Onanuga noted: “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.”

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He further quoted the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, 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, therefore, urged media organisations 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.”

The Star