…Says Leaked Document is Unofficial
- By Halimah Olamide
They are all policy proposals that are still subject to reviews at the highest level of government
The Federal Government has reinstated that the regime of petrol subsidy has ended.
This is following two leaked fiscal policy documents which have now gone viral indicating that there is still fuel subsidy.
One of the documents is titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024”
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.
Meanwhile, President Tinubu received a copy of the draft on Tuesday.
Reacting to the claims in a statement, the President’s spokesperson in a statement made available to NPO Reports on Thursday wrote;
“The attention of the Presidency has been drawn to two fiscal policy documents in circulation that are being given wide coverage by the mainstream media and social media platforms.
“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.”
Meanwhile, the Coordinating Minister of the Economy, Mr. Wale Edun assured that the official position on the documents will be made available after comprehensive reviews and approvals are completed.
“It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“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,” Edun stated.
The Coordinating Minister of the Economy 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 further reduce these costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations”.
He therefore urged the media to ensure proper verification and checks in the use of documents that do not emanate from official channels.