There is no N5.4trillion provision for fuel subsidy this year, the Presidency said yesterday.
It said its position on fuel subsidy removal has not changed.
In a statement by Mr Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Ahmed Tinubu, the presidency said subsidy on fuel ended in May last year.
It said: “Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
The Presidency said it “is committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.”
It urged the public to disregard two fiscal documents in circulation that are being given wide coverage by the media, mainstream and social.
The documents are: “ Inflation Reduction and Price Stability (Fiscal Measures) Order 2024; and “ Accelerated Stabilisation and Advancement Plan( ASAP).
It maintained that the two leaked fiscal policy documents currently in circulation in the social media are not authentic.
The Presidency warned the media and the public against relying on them because they are not official documents.
It also clarified that none of the documents have been approved or finalized, adding that policymaking is an iterative process involving multiple drafts and discussions.
The Presidency urged the media to exercise restraint and verify documents through official channels to ensure accurate information and avoid misleading the public.
It added: “We call 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.”
Also, the Coordinating Minister of the Economy, Wale Edun, assured that the official position on the documents will be made available after comprehensive reviews and approvals are completed.
Edun said:“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.”
“Emanating from the two documents have been reports second-guessing 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.”
He added: “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”.
