Presidency Denies Fuel Subsidy Reinstatement Amidst Leaked Proposals

The Nigerian Presidency, through Finance Minister Wale Edun, has emphatically denied any plans to reinstate the fuel subsidy regime, despite earlier indications suggesting acceptance of the policy.

This denial follows the emergence of leaked draft policy documents, which caused a stir with suggestions that the government might reintroduce fuel subsidies amounting to N5.4 trillion in 2024. These drafts led to widespread discussions and media reports hinting at a potential policy reversal.

In a firm statement on Thursday, presidential adviser Bayo Onanuga labeled the circulated documents as “unofficial” and “policy proposals” still under review. He urged the public to disregard these documents.

“The attention of the Presidency has been drawn to two fiscal policy documents in circulation, receiving wide coverage by mainstream and social media,” Onanuga said. “One document, titled ‘Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024’, is being shared as if it were an executive order signed by President Bola Ahmed Tinubu.”

The second document, a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP)”, contains suggestions for economic improvement and was received by President Tinubu on Tuesday. Onanuga stressed that neither document is an approved official government policy.

“We urge the public and the media to disregard these documents and cease further discussions. They are all policy proposals subject to review at the highest level of government,” he added. “The government’s stance on fuel subsidy remains unchanged from President Tinubu’s declaration on May 29, 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024.”

Finance Minister Wale Edun echoed this stance, emphasizing the administration’s commitment to addressing the impacts of subsidy removal and easing living costs for Nigerians. The focus remains on tackling food inflation through initiatives like the compressed natural gas (CNG) project to counter high petrol and diesel costs.

Onanuga also warned the media against propagating unverified documents, urging caution to avoid public misinformation about the government’s economic policies and programs.

“We call on the media to exercise necessary checks and restraints in using documents that do not emanate from official channels, ensuring the public is properly informed about government policies and programs,” he stated.