The Presidency has stated that two trending fiscal policy documents in circulation are still ideas and have not been authorised by President Bola Tinubu.
It further emphasised that the fuel subsidy system has ended and that the government’s stance on fuel subsidies has not altered since Tinubu’s announcement on May 29, 2023.
The presidency also stated that there is no N5.4 trillion set aside for fuel subsidy in 2024, as has been widely believed and discussed.
According to reports, the documents, titled Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) Order 2024 and Accelerated Stabilisation and Advancement Plan (ASAP), surfaced on the internet on Tuesday following a meeting between Minister of Finance Wale Edun and President Tinubu at the State House in Abuja.
The first policy plan seeks to lower inflation and stabilise prices, while the second seeks to accelerate economic recovery and provide as much relief to Nigerians as is feasible.
In a statement issued Thursday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, stated that the two documents are not official and are still being reviewed at the highest levels of government.
The statement reads: “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 Measures, 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.
“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 review at the highest level of government. Indeed, one has a ‘draft’ clearly written on it.”
According to 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 finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
The presidential adviser also urged the people and media to stop questioning the government’s policies on customs duties, fuel subsidy, and other economic issues. As a result, Onanuga urged the media to always confirm documents that do not come from official channels in order to keep the public up-to-date on government policies and programmes.
The statement added: “Emanating from the two documents have been reports second-guessing the government’s policy on customs tariffs, fuel subsidies, and other economic matters.
“The government wants to restate that its position on fuel subsidies has not changed from what President Bola Ahmed Tinubu declared on May 29, 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as has been 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 programme 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.”.
“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.”
