- Replies Former Vice President Atiku Abubakar
By Tolúlopé Olátúnjí
The Federal Government has refuted reports suggesting it is preparing to allocate N5.4tn for fuel subsidies in 2024.
It would be recalled that the Peoples Democratic Party (PDP) candidate in the 2023 presidential election, Atiku Abubakar, accused President Bola Tinubu of secretly continuing subsidy payments despite public claims of ending the practice.
Contrary to the allegation, the Presidency reaffirmed that the fuel subsidy regime ended on May 29, 2023, as declared by Tinubu.
A statement by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday, June 6, 2023, refuting Atiku’s allegation, reads: “There is no N5.4 trillion being provisioned for it (oil subsidy) in 2024.
The government emphasised its commitment to mitigating the impact of subsidy removal and reducing the cost of living. The strategy includes addressing food inflation, significantly influenced by transport costs, through initiatives like the Compressed Natural Gas (CNG) programme aimed at lowering PMS and AGO expenses.
The Presidency also addressed two fiscal policy documents circulating in the public domain. One document, titled, “Inflation Reduction and Price Stability (Fiscal Policy Measure, etc) Order 2024,” is still a proposal and not an executive order signed by President Tinubu.
The other, a 65-page draft called the “Accelerated Stabilisation and Advancement Plan (ASAP),” contains economic improvement suggestions and is also in the draft stage, recently received by the President.
“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 reviews at the highest level of government,” the statement read.
Meanwhile, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has said that policymaking is an iterative process involving multiple drafts and discussions before finalisation.
He assured the public that the official position on these documents will be made available after thorough reviews and approvals.
Reports emerging from these documents have led to speculations regarding the government’s stance on customs tariffs, fuel subsidies, and other economic policies.
