The Special Adviser to the President on Information and Strategy, Bayo Onanuga, has dismissed recent media claims that the Nigerian government has allocated N5.4 trillion for fuel subsidy payments in 2024. Onanuga emphasized that the era of fuel subsidies is definitively over.
In a stern warning to the media, both mainstream and social, Onanuga cautioned against disseminating unapproved fiscal policy documents. He highlighted two particular documents currently in circulation: one titled *Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024* and another, a draft titled *Accelerated Stabilisation and Advancement Plan (ASAP)*. The former is being erroneously presented as an executive order from President Bola Ahmed Tinubu, while the latter is a 65-page draft containing proposals for enhancing the Nigerian economy.
“Neither of these documents represents an official or finalized position of the Federal Government,” Onanuga clarified. He urged the public and the media to disregard these documents until formal government reviews and approvals are concluded.
Supporting this stance, Coordinating Minister of the Economy, Mr. Wale Edun, explained that policymaking is a complex process involving numerous drafts and deliberations before any document is finalized. “We will communicate the official stance on these documents following comprehensive reviews,” he assured.
Addressing the ongoing debate over government policies on customs tariffs, fuel subsidy, and other economic issues, Edun reiterated that the government’s position remains unchanged since President Tinubu’s announcement on May 29, 2023, confirming the cessation of the fuel subsidy program. He firmly stated, “There is no N5.4 trillion being allocated for fuel subsidies in 2024, as is being speculated.”
Edun also emphasized the government’s commitment to alleviating the impact of the subsidy removal on Nigerians, particularly through initiatives aimed at reducing food inflation and transport costs. The introduction of the Compressed Natural Gas (CNG) initiative is expected to lower the high costs associated with Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO).
Onanuga concluded by urging the media to verify the authenticity of documents before publication to ensure accurate public information regarding government policies and programs.
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