Disclosure News

Factual Reportage

Federal Government has stated that the days of fuel subsidies are gone.

This was stated in response to a leaked draft report of the Accelerated Stabilisation and Advancement Plan (ASAP), which was given to President Tinubu by Wale Edun, the minister of finance, on Tuesday.

It was in the news that the federal government has finally acknowledged that Nigeria will spend up to N5.4 trillion on petrol subsidy in 2024 based on a presentation by the Finance Minister.

Similarly, it was reported that the country may have started a plan to stop paying import tariffs on medications, core foods, and other necessities for a six-month period in a likely attempt to control inflation.

According to a statement shared by Bayo Onanuga, special adviser to the president on information and strategy on X, the first document titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” is being distributed under the false impression that President Bola Ahmed Tinubu has signed it as an executive order.

The other document titled “Accelerated Stabilization and Advancement Plan (ASAP),” is a 65-page draft document that offers recommendations for enhancing the Nigerian economy. On Tuesday, a copy of the draft was given to President Tinubu.”

The ASAP, which aims to overcome major obstacles to reform measures and promote growth in many economic sectors, revealed that fuel subsidies will cost an estimated N5.4 trillion in 2024, N1.8 trillion higher than in 2023.

FG requested that the two documents be ignored by the media or among the general public.

It emphasized that the documents were not official, sanctioned documents from the Nigerian Federal Government. The highest echelon of government is still reviewing each of these policy recommendations. In fact, one had “draft” printed quite clearly on it.

It gave the public the assurance that after thorough examinations and approvals are finished, the official position on the papers will be made available.

According to the coordinating minister of the economy, Wale 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.”

“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.”

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