The Nigerian Presidency has responded to concerns that have been making the rounds about two fiscal policy documents that have surfaced on different media outlets. The documents are still in the proposal stage and have not been accepted or finished; President Bola Tinubu has not formally approved them.
The “Accelerated Stabilization and Advancement Plan (ASAP)” and the “Inflation Reduction and Price Stability (Fiscal Policy Measure etc.) Order 2024″ are the two documents in question; they both appeared online after conversations between President Tinubu and Minister of Finance Wale Edun. Both of these texts address urgent economic problems facing Nigeria; the former concentrates on managing inflation and maintaining price stability, while the later aims to promote economic recovery and alleviate the suffering of Nigerian citizens.
Bayo Onanuga, Special Adviser to the President on Information and Strategy, made it clear that these documents should not be regarded as final. He emphasized that they are preliminary drafts still undergoing meticulous review at the highest levels of government. “We urge the public and the media to disregard the two documents and cease further discussions on them,” Onanuga stated. He highlighted the iterative nature of policy development, noting that policymaking involves multiple drafts and extensive discussions before any document is finalized.
The public release of these documents has led to a number of rumors, most notably about the government’s stance on fuel subsidies and customs taxes. But since President Tinubu’s announcement on May 29, 2023, which signaled the formal end of the subsidy regime, the Presidency has emphasized that the government’s position on gasoline subsidies has not changed. This declaration seeks to dispel false information indicating that N5.4 trillion will be allotted by the government for gasoline subsidies in 2024.
Speaking on the matter, Minister Wale Edun stated that there is no truth to the rumors regarding the fiscal allotment for fuel subsidies. “The administration wishes to reiterate that it still has the same views on fuel subsidies as President Bola Ahmed Tinubu did when he made his announcement last year. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun asserted.
Furthermore, the administration is dedicated to easing the financial strain that the elimination of subsidies has placed on Nigerians. Attempts are being made to reduce the factors that lead to food inflation, which is mostly caused by transportation expenses. This effort is anticipated to be greatly aided by the launch of the Compressed Natural Gas (CNG) program, which aims to lower total transport prices by replacing more expensive fuel sources.
To ensure accurate and ethical reporting, Onanuga encouraged the media to be cautious and confirm the legitimacy of documents before disseminating them. He emphasized that in order to prevent misunderstandings and confusion, it is crucial to give the public accurate information on government policies and initiatives.
