The Presidency has stated that its position on fuel subsidy has not changed from President Tinubu’s declaration on May 29, 2023 that fuel subsidy regime had ended.
It denied any provision in the budget or anywhere else for N5.4 trillion in 2024, as is being speculated.
Spokesman for President Tinubu, Mr. Bayo Onanuga stated that government was however, committed to mitigating the effects of the removal of the fuel subsidy and easing cost of living pressures on Nigerians.
He added that the strategy focuses on addressing key factors such as food inflation, which is significantly impacted by transport costs.
The Peoples Democratic Party (PDP) and the former vice president, Atiku Abubakar, had engaged government in fresh arguments over the development.
In his inauguration address on May 29, 2023, President Bola Tinubu had announced the removal of subsidy on Premium Motor Spirit (PMS) otherwise known as petroleum, saying subsidy is gone forever.
Atiku, had in a statement emphatically said government had been “lying to the citizens.”
The PDP, in a statement by its National Publicity Secretary, Debo Ologunagba, stated that a “revelation” that the federal government had paid N5.4 trillion secretly as fuel subsidy for 2024 was an indication that the All Progressive Congress (APC)-led administration is a cesspit of corruption.
The party added that lies and deceit showed the callousness of the Tinubu government.
They premised their position on the contents of a leaked memo that allegedly emanated from the Office of the Coordinating Minister of the Economy, Mr. Wale Edun, which suggested that N5.4 trillion had been spent on fuel subsidy.
Atiku added that “both the World Bank and the International Monetary Fund (IMF), have revealed in separate reports that Nigeria is still paying petrol subsidies, but the Tinubu government has refused to come clean. Even a senior member of the APC had revealed that subsidy was being paid”.
But, Onanuga, in a statement, said one of the documents, titled: “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” was being shared as if it was an Executive Order signed by President Tinubu.
According to him, the second one was a 65-page draft document with the title, “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy.”
He explained that a copy of the draft was received by President Tinubu on Tuesday.
“We urge the public and the media to disregard the two documents and cease further discussions on them. None of them 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.”
Quoting the Coordinating Minister of the Economy, he said: “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
According to Edun, emanating from the two documents have been reports second-guessing the government’s policy on customs tariffs, fuel subsidy, and other economic matters.
“The government wants to restate that its position on fuel subsidy has not changed from what President Bola Tinubu declared on May 29, 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,” Edun stated.
Making further clarification, Edun said: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy programme last year, and this policy remains firmly in place.
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.
“Our commitment to ending unproductive subsidies is steadfast, just as our dedication to supporting our most vulnerable populations.”
Mr. Onanuga urged the media to always exercise necessary checks and restraints in the use of documents that did not emanate from official channels so that the public would be properly informed, guided and educated on government policies and programmes.
