Presidency Refutes Circulating Fiscal Documents, Reaffirms End of Fuel Subsidies

By Joke Kujenya

LEGITIMACY OF two fiscal policy documents currently circulating across mainstream and social media platforms, amid rising public speculation has been categorically denied by the Nigerian Presidency.

One document, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” is being incorrectly shared as an executive order purportedly signed by President Bola Ahmed Tinubu.

The second document, a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” outlines various strategies to enhance the Nigerian economy and was received by President Tinubu earlier this week.

In a June 6, 2024, press statement, Bayo Onanuga, Special Adviser to the President on Information and Strategy, clarified the status of these documents.

He affirms: “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.

Indeed, one has ‘draft’ clearly written on it,” Onanuga stated.

The government reiterated its unchanged position on the fuel subsidy, which President Tinubu declared ended on May 29, 2023. “There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Onanuga emphasized.

Echoing this stance, Coordinating Minister of the Economy Wale Edun reaffirmed the Tinubu administration’s commitment to alleviating the impact of the subsidy removal and addressing the cost-of-living pressures on Nigerians.

“The focus is on tackling food inflation driven by high transport costs, including through the compressed natural gas (CNG) initiative to offset expensive petrol and diesel,” Edun explained.

The removal of the decades-long fuel subsidies, announced by Tinubu shortly after taking office, Edun said, marked a significant policy shift despite concerns about rising pump prices, adding that government officials argued that fuel subsidies were unsustainable and disproportionately benefited more affluent Nigerians.

Onanuga also issued a stern warning to the media against amplifying unverified documents, stressing the importance of ensuring the public receives accurate information regarding key economic policies and programs under the new administration.

“We call on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided, and educated on government policies and programs,” he stated, adding that this strong refutation aims to quell rumours and reassure the public about the government’s fiscal strategy and commitment to economic reforms.

At JKNewsMedia, our dedication to delivering reliable news and insightful information to our cherished readers remains unwavering. Every day, we strive to provide you with top-notch content that informs and enlightens. By donating to JKNewsMedia, you directly contribute to our mission of delivering quality journalism that empowers and informs. Your support fuels our commitment to bringing you the latest updates and in-depth analysis. Let's continue to uphold the highest standards of journalism and serve our community with integrity and dedication. Thank you for being a part of the JKNewsMedia family and for your ongoing support.

Leave a Reply

Your email address will not be published. Required fields are marked *