The Presidency has refuted claims circulating that the federal government is allocating N5.4 trillion for fuel subsidies in 2024. These allegations were brought forward by Abubakar Atiku, the Peoples Democratic Party (PDP) candidate in the 2023 presidential election, who challenged President Tinubu to clarify his administration’s stance on petrol subsidy.
Atiku asserted that despite public declarations of subsidy removal, the government has been secretly paying trillions for petrol subsidy, potentially reaching N5.4 trillion this year.
In response, Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a statement on Thursday reaffirming the end of the fuel subsidy regime. Onanuga emphasized that President Bola Ahmed Tinubu had unequivocally ended the fuel subsidy program on May 29, 2023. “There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” he stated.
The Presidency reiterated the stance of the Coordinating Minister of the Economy, Wale Edun, who confirmed the cessation of the fuel subsidy program last year. The government remains committed to alleviating the impact of the subsidy removal and easing the cost of living for Nigerians. The strategy focuses on addressing key issues such as food inflation, significantly driven by transport costs, and implementing a Compressed Natural Gas (CNG) initiative to reduce fuel costs.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations,” Onanuga added.
Additionally, the Presidency addressed two fiscal policy documents currently being discussed publicly. It clarified that the document titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” is not an executive order but is still in the proposal stage. Another document, the “Accelerated Stabilisation and Advancement Plan (ASAP),” a 65-page draft suggesting improvements for the Nigerian economy, was recently received by President Tinubu and is also in draft form.
The Presidency urged the public and the media to disregard these documents, as they are not yet official. “Policymaking is an iterative process involving multiple drafts and discussions before any document is finalized,” said Edun, ensuring that official positions will be communicated after comprehensive reviews and approvals are completed.