The Presidency has clarified that two fiscal policy documents currently circulating online are merely proposals and have not received approval from President Bola Tinubu.
Reiterating the termination of the fuel subsidy regime, the government stated that its stance on the matter has remained unchanged since President Tinubu’s declaration on May 29, 2023. Additionally, the Presidency dismissed claims of a N5.4 trillion provision for fuel subsidies in 2024 as unfounded.
The documents in question, titled "Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024" and "Accelerated Stabilisation and Advancement Plan (ASAP)," emerged online following a meeting between Finance Minister Wale Edun and President Tinubu at the State House in Abuja. The former aims to reduce inflation and stabilize prices, while the latter focuses on expediting economic recovery and providing relief to Nigerians.
In a statement released on Thursday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, emphasized that the documents are not official and remain under review at the highest levels of government.
"The attention of the Presidency has been drawn to two fiscal policy documents in circulation receiving widespread media coverage. These documents are not official and are still subject to review," Onanuga stated.
The Presidency urged the public and media to disregard the documents and avoid further discussions on them. According to Mr. Edun, policymaking is a dynamic process involving multiple drafts and discussions before finalization.
The statement further reiterated the government’s position on fuel subsidies, customs tariffs, and other economic matters, urging the media to verify the authenticity of documents not released through official channels to ensure accurate public information.
"The government’s stance on fuel subsidy has not changed from President Bola Ahmed Tinubu’s declaration on May 29, 2023. The subsidy regime has ended, and no N5.4 trillion is being provisioned for it in 2024," Edun reiterated.
The Federal Government remains committed to alleviating the impacts of the subsidy removal and reducing living costs for Nigerians, focusing on addressing key factors like food inflation influenced by transport costs. The implementation of the Compressed Natural Gas (CNG) initiative is expected to reduce these costs further.
The statement concluded by calling on the media to practice due diligence in handling unofficial documents to ensure the public receives accurate and well-informed updates on government policies and programs.
