By Abiola Olawale
The leaked fiscal policy document suggesting that the government is considering a return to fuel subsidy payments has been disowned by the presidency.
A statement released by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Thursday, June 6, clarified that the leaked document is unofficial and does not reflect the government’s intentions.
Onanuga said though President Bola Tinubu has received the 65-page draft document with the title, “Accelerated Stabilisation and Advancement Plan (ASAP),” the report is still subject to review and not official government document.
He said: “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 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.”
Also, in the statement, Finance Minister, Wale Edun, stated that policymaking involves multiple drafts and discussions before finalisation.
Edun said that the fuel subsidy programme has been terminated, clarifying that the Federal Government does not intend to allocate N5.4bn for this purpose.
Edun was quoted as saying: “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.
“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.”
It would be recalled that the leaked document has generated criticism since it went viral on Wednesday, June 5.
According to the draft, the ASAP Plan is aimed at fast-tracking economic recovery, assisting as many Nigerians as possible, and further mitigating the impact of the ongoing economic reforms of this administration.
The plan, which is said to be implemented within one to six months, will tackle inflation and further increase the purchasing power of the populace.
Part of the plan is to spend about N5.4bn on fuel subsidy for 2024.
Former Vice President and presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has condemned the federal government for secretly reinstating fuel subsidies, despite publicly claiming to have abolished them.
