Breaking: Presidency Clarifies Tinubu’s Official Stance on Fuel Subsidy, Custom Tariffs, and More


Breaking: Presidency Clarifies Tinubu’s Official Stance on Fuel Subsidy, Custom Tariffs, and More


On Thursday, the presidency clarified that recently leaked documents concerning fiscal policy proposals by the federal government, which have been widely circulated on social media, do not represent the official stance of the government.


In a statement issued by Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, it was emphasized that these documents are merely proposals and drafts that have not received final approval from the President.


Onanuga identified the documents in question as the “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and the “Accelerated Stabilisation and Advancement Plan (ASAP),” stressing that President Tinubu has not signed an executive order regarding these drafts, which are still under review.


He noted that media reports speculating on the government’s policies on customs tariffs, fuel subsidies, and other economic matters based on these documents are inaccurate and should be disregarded. The statement reaffirmed that the government’s position on fuel subsidy has not changed since President Bola Ahmed Tinubu announced the end of the fuel subsidy regime on May 29, 2023.


Onanuga also clarified that the widely speculated N5.4 trillion allocation for fuel subsidies in 2024 is incorrect.


The statement, titled “LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL,” reads: “The Presidency has noticed two fiscal policy documents being widely covered by mainstream and social media. One is titled ‘Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,’ shared as if it were an executive order signed by President Tinubu. The other is a 65-page draft titled ‘Accelerated Stabilisation and Advancement Plan (ASAP),’ containing suggestions to improve the Nigerian economy. President Tinubu received a copy of this draft on Tuesday.”


“We urge the public and the media to disregard these documents and cease further discussions on them. They are not approved official documents of the Federal Government of Nigeria and are still subject to high-level reviews. Indeed, one of the documents clearly states ‘draft’ on it.”


Coordinating Minister of the Economy, Mr. Wale Edun, stated, “Policymaking is an iterative process involving multiple drafts and discussions before any document is finalized. The official stance on these documents will be communicated after comprehensive reviews and approvals are complete.”


The statement further reiterated: “The government’s stance on fuel subsidy remains unchanged from President Bola Ahmed Tinubu’s declaration on May 29, 2023. The fuel subsidy regime has ended, and there is no N5.4 trillion provisioned for it in 2024, contrary to widespread speculation.”


Edun added, “As previously stated, 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 for Nigerians. Our strategy focuses on addressing key factors such as food inflation, significantly impacted by transport costs. Through our CNG initiative aimed at reducing PMS and AGO costs, we expect to further lower these expenses.”


“We remain dedicated to ending unproductive subsidies and supporting our most vulnerable populations. We urge the media to exercise due diligence and restraint in using documents not from official channels, ensuring that the public is accurately informed about government policies and programs.”


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