The presidency has disowned two fiscal policy documents circulating.
It clarified that neither has been approved by the federal government.
According to a statement by the Special Adviser to the President on Information and Strategy, Bayo Onanyga, on Thursday, said one document, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” falsely claims executive order status, while the other, a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” is still under review.
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Onanuga also said that President Tinubu received a copy of the draft, emphasizing its preliminary nature.
“The other is a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday,” he said.
He noted that the coordinating minister of the economy, Wale Edun, underscored that policy making involves iterative processes, with multiple drafts and discussions before finalization.
Continuing he said that the official position on these documents will be communicated after comprehensive reviews and approvals.
Addressing speculations, Edun reiterated that the government has not allocated N5.4 trillion for petrol subsidy in 2024, affirming the end of the subsidy regime as declared by President Tinubu in May 2023.
The government aims to mitigate living costs by addressing factors like food inflation through initiatives such as the CNG initiative.
“The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 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.
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“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,” Edun said.
The presidency urged the public to disregard rumors and assured a commitment to transparent policymaking while addressing misconceptions regarding customs tariffs, fuel subsidy, and other economic matters.
