The President has refuted rumors circulating in “unofficial” documents indicating it intended to remove import taxes on medications and food.
The response followed two widely circulated fiscal policy documents purportedly from the presidency, which stated that it was planning a N5.4 trillion fuel subsidy for 2024 and that, in an effort to lessen the impact of the economic hardship on the general public, importers would not be required to pay duties on basic food items, medications, and other necessities for the first six months. However, a statement released on Thursday by the President’s Special Advisor for Information and Strategy, Bayo Onanuga, clarified that while one of the documents, titled Inflation Reduction and Price Stability (Fiscal Policy Measure, etc.) Order 2024, was shared with the public as though it were an executive order bearing President Bola Tinubu’s signature, At that point, it was only a proposition.
He continued by saying that President Bola Tinubu had just received the other paper, a 65-page draft titled “Accelerated Stabilization and Advancement Plan (ASAP),” which contained recommendations on how to strengthen the Nigerian economy. The document is still in the draft stage. “We implore the public and the media to ignore the two documents and put an end to any more discourse over them. None of them is a Federal Government of Nigeria official document that has been approved. The highest level of government is still reviewing each of these policy recommendations. “Draft” is in fact clearly written on one of them,” the statement continued.
Onanuga cited Finance Minister Wale Edun, who assured the public that the official stance on the documents would be disclosed following thorough reviews and approvals, saying, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized.” President Tinubu’s signature was absent from the article (not on Channels Television) that cited one of the two documents, “Inflation Reduction and Price Stability (Fiscal Policy Measures) Order 2024,” which was anticipated to be signed in April.
Plans to waive duties on fertilisers, poultry feed, flour, and cereals were allegedly contained in the document.
Nigerian food costs have skyrocketed, with food inflation hitting 40.5% in recent months. One of the most severely affected main foods in the past year has been rice. In March and April of this year, it sold for about N90,000 per bag, setting new records for prices.
