Abubakar Atiku, the presidential candidate of the Peoples Democratic Party (PDP) in 2023, issued a challenge to President Tinubu on Wednesday, stating that he must put an end to Nigerians’ alleged misrepresentation of his administration’s actual stance on gasoline subsidies. He added that the government has been covertly paying trillions of naira for fuel subsidies, despite Tinubu’s public posturing to the contrary. He estimates that the amount of subsidies paid out under Tinubu’s direction will reach N5.4 trillion this year. But in a statement released on Thursday, Bayo Onanuga, the President’s Special Advisor on Information and Strategy, reaffirmed that the fuel subsidy era was over.
“The administration wishes to reiterate that President Bola Ahmed Tinubu’s remarks from May 29, 2023, regarding fuel subsidies remain unchanged. The program of fuel subsidies has ended. A portion of the statement stated, “There is not N5.4 trillion being provided for it in 2024, as being widely assumed and discussed.
“As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place,” said Wale Edun, the Coordinating Minister of the Economy, on behalf of the Presidency. According to the statement, the Federal Government is dedicated to lessening the impact of the removal and relieving Nigerians of the financial burden of living. “Our approach centers on tackling critical elements like food inflation, which is heavily influenced by transportation expenses. We anticipate more cost reductions with the launch of our CNG program, which aims to replace high PMS and AGO expenses.
“We are steadfast in our commitment to supporting our most vulnerable populations and to ending unproductive subsidies,” Onanuga stated. Additionally, the Presidency shared its thoughts on two fiscal policy documents that are circulating at the moment. It stated that while being issued as an executive order signed by President Bola Tinubu, one of the documents, titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc.) Order 2024, was still only a proposal. He continued by saying that President 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. Edun reassured the public that the official position on the documents will be made available after thorough reviews and approvals are finished, saying, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized.” The Presidency quoted Edun on this point.
