The Presidency has urged the public and media to disregard two fiscal policy documents circulating on social media, labeling them as unofficial and subject to review. The documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP),” reportedly contain proposals on economic policy, including customs tariffs and fuel subsidies.
In a statement on Thursday, Special Adviser to the President on Information and Strategy, Bayo Onanuga, clarified that the documents have not been approved or finalized. He emphasized that policymaking is a process involving multiple drafts and discussions.
Coordinating Minister of the Economy, Wale Edun, assured the public that the official position on the documents will be disclosed after comprehensive reviews and approvals. Edun stated, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized. We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
The documents have led to speculation about government policies on customs tariffs, fuel subsidies, and other economic matters. Edun reiterated that the government’s stance on fuel subsidies remains unchanged from President Bola Ahmed 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, as widely speculated,” Edun affirmed.
Edun further clarified, “President Tinubu announced the end of the fuel subsidy program 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 reduce high PMS and AGO costs, we expect to further lower these costs. Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
The Presidency urged the media to exercise restraint and verify documents through official channels to ensure accurate information and avoid misleading the public.Top of Form
