Bayo Onanuga, the Special Adviser to the President on Information and Strategy, has refuted media reports suggesting that the federal government has allocated N5.4 trillion for fuel subsidy payments, asserting that such practices are now a thing of the past.
He cautioned both mainstream media and social media platforms against disseminating fiscal policy documents that have not been ratified by the government.
Onanuga expressed concern that two documents, namely “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and a 65-page draft document titled “Accelerated Stabilisation and Advancement Plan (ASAP),” are being circulated as if they were executive orders signed by President Bola Ahmed Tinubu.
He clarified that while President Tinubu received a copy of the draft ASAP document on Tuesday, neither of these documents is an approved official document of the Federal Government of Nigeria.
Onanuga urged the public and the media to disregard these documents and refrain from further discussions on them.
Quoting the Coordinating Minister of the Economy, Mr Wale Edun, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized.
“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.
He said the Coordinating Minister of the Economy had further clarified: “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 reduce these costs further.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
He called on the media 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.
