VMT News Ltd
No 1 News Site in Nigeria

Presidency insists subsidy gone, says leaked documents unofficial

82

The Presidency has said two trending fiscal policy documents in circulation are still proposals and have not been approved by President Bola Tinubu.

It also reiterated that the fuel subsidy regime has ended, and the government’s position on fuel subsidy has not changed since President Tinubu’s declaration on 29 May 2023.

The presidency also added that there is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed.

PUNCH online reports that the documents, titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 and Accelerated Stabilisation and Advancement Plan (ASAP) surfaced on the internet on Tuesday following the meeting between the Minister of Finance, Wale Edun and President Tinubu at the State House in Abuja.

The first policy proposal aims to reduce inflation and stabilise prices, while the second policy aims to fast-track economic recovery and provide succour to Nigerians as possible.

In a statement on Thursday, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, said the two documents are not official and still subject to reviews at the highest level 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 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.

“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 policy making is an iterative process involving multiple drafts and discussions before any document is finalized.

“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”

The presidential aide also asked the public and media to stop second-guessing the government’s policy on customs tariffs, fuel subsidies, and other economic matters.

Onanuga, therefore, called on the media to always confirm documents that do not emanate from official channels so that the members of the public are properly informed on government policies and programs.

The statement added: “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. By implementing 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 public members are properly informed, guided, and educated on government policies and programs.”

Support Voice Media Trust journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country, we ask you to consider making a modest support to this noble endeavour.

By contributing to Voice Media Trust, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate into:

Dollar Account:

  • A/C NO: 3003093745
    A/C NAME: VOICE MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Naira Account:

  • A/C NO: 1023717841
    A/C NAME: VOICE  MEDIA TRUST LTD
    BANK: UNITED BANK FOR AFRICA

Leave a Reply