Tinubu Administration Has Not Lied About Fuel Subsidy – Presidency

The Presidency has refuted claims that President Bola Tinubu’s administration has misled the public regarding fuel subsidy payments. Bayo Onanuga, Special Adviser to the President on Information and Strategy, emphasized that the current government has adhered to its policy of eliminating fuel subsidies since the deregulation of the PMS sector was announced on May 29, 2023.

In a statement posted on his official X page, Onanuga addressed recent criticisms suggesting the government had failed to uphold its subsidy policy. He clarified that subsidy provisions were not included in Nigeria’s 2023 supplementary budget, the 2024 budget, or the amended 2024 budget.

Onanuga stated, “The notion that the government has been unfaithful to its subsidy policy is baseless. There has been no subsidy payment since the deregulation announcement. The government has maintained its commitment to ending fuel subsidies.”

He highlighted that recent reports linking NNPC Limited’s $6 billion debt to subsidy payments are misleading. According to Onanuga, NNPC’s financial challenges are due to rising crude oil costs and a weakened naira, which have forced the company to absorb higher petrol costs at the pump to shield consumers.

He added that NNPC’s financial strain has impacted its contributions to the federal account, creating a significant challenge for the government. To address this, the administration is looking towards local refineries, such as the Dangote Refinery and the Port Harcourt Refinery, to stabilize the market and reduce dependence on imported petroleum products.

Onanuga concluded, “The introduction of local refineries into the market will not only boost the economy but also generate employment and lessen the foreign exchange burden.”