FG Has Not Resumed Fuel Subsidy – Presidency Declares, Disowns Leaked Fiscal Policy Documents

The Federal Government has reacted to leaked fiscal policy documents which suggested that the government had resumed payment of petrol subsidy.

In a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga on Thursday, the Presidency dismissed the documents as unapproved policy proposals.

He, however, said they are still subject to review and not official government documents.

He said, “One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if 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.

“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. “

According to the Coordinating Minister of the Economy, Wale Edun, policymaking involves multiple drafts and discussions before finalization, the statement informed.

“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.

He added, “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.

Recall that on Wednesday, former Vice President and presidential candidate of the People’s Democratic Party (PDP) in the 2023 election, Atiku Abubakar condemned the federal government for secretly reinstating fuel subsidies, despite publicly claiming to have abolished them.

Torizone had reported that the leaked report alleged that the subsidy bill averages N450 billion monthly.

Be the first to comment

Leave a Reply

Your email address will not be published.


*