[Breaking] N5.4t Fuel Subsidy: Presidency distance self from Wale Edun’s report

Federal Government has debunked a report authored by the Minister of Finance and Coordinating Minister of the Economy, Wale Edun.

This was contained in a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga.

Onanuga, in the statement, said the documents from which stories were sourced had not become official.

He said: “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.

“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.”

Onanuga said the media and the public should disregard the documents because they are yet to be official approved, adding: “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.”

He quoted Edun to have 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.”

Onanuga then quoted Edun as having addressed one of the issues that emanated from one of the documents: His position that the Federal Government would spend N5.4 billion on fuel subsidy for 2024 if things remain the way they are.

Edun said: “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.

“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.”

Onanuga 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.”