The Presidency has dismissed recent rumors and speculation about reinstating fuel subsidies, reiterating its commitment to ending the long-standing petrol subsidy regime.<\/p>\n
This clarification came in response to leaked draft policy documents that sparked widespread discussions and reports suggesting the government might reintroduce fuel subsidies amounting to N5.4 trillion in 2024.<\/p>\n
In a statement on Thursday, Bayo Onanuga, the Special Adviser on Information and Strategy to the President, labeled the viral documents as \u201cunofficial\u201d and \u201cmere policy proposals\u201d still under review at the highest levels. He urged the public and media to disregard them.<\/p>\n
\u201cThe attention of the Presidency has been drawn to two fiscal policy documents circulating widely in the mainstream media and on social media platforms,\u201d Onanuga stated. \u201cOne 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 titled Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions for improving the Nigerian economy. President Tinubu received a copy of the draft on Tuesday.\u201d<\/p>\n
Onanuga urged the public and media to ignore the documents, emphasizing that they are not approved official documents of the Federal Government of Nigeria. \u201cThey are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has \u2018draft\u2019 clearly written on it. The government wants to restate that its position on fuel subsidy 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 is widely speculated and discussed.\u201d<\/p>\n
Coordinating Minister of the Economy Wale Edun echoed this stance, saying the Tinubu administration is committed to mitigating the effects of subsidy removal and easing the cost of living pressures on Nigerians. He highlighted the government’s focus on tackling food inflation driven by high transport costs, including initiatives like compressed natural gas (CNG) to offset the expensive petrol and diesel.<\/p>\n
The removal of the decades-long fuel subsidies, announced by President Tinubu shortly after taking office, marked a major policy shift despite fears of higher pump prices. Officials argue that fuel subsidies are unsustainable and primarily benefit wealthier Nigerians.<\/p>\n
Onanuga also warned the media against amplifying unverified documents, stressing the importance of avoiding misinformation about key economic policies and programs under the new administration.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Presidency has dismissed recent rumors and speculation about reinstating fuel subsidies, reiterating its commitment to ending the long-standing petrol subsidy regime. This clarification came in response to leaked draft policy documents that sparked widespread discussions and reports suggesting the government might reintroduce fuel subsidies amounting to N5.4 trillion in 2024. In a statement on […]<\/p>\n","protected":false},"author":16,"featured_media":33853,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[986],"class_list":["post-33847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abuja-reports","tag-asap"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/16"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=33847"}],"version-history":[{"count":3,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33847\/revisions"}],"predecessor-version":[{"id":33866,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/33847\/revisions\/33866"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/33853"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=33847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=33847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=33847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}