Tinubu's position on fuel subsidy removal unchanged - Presidency

The national authorities says efforts to mitigate the effects of substance subsidy removal and easiness the outgo of surviving pressures connected Nigerians stay firmly successful place.

The authorities connection comes amidst a study yesterday indicating that substance subsidy expenditure is projected to scope astir N5.4 trillion successful 2024, up from N3.6 trillion successful 2023.

Tinubu’s spokesperson, Bayo Onanuga, disclosed this successful a connection connected Thursday, saying that determination is nary N5.4 trillion being provisioned for substance subsidy successful 2024, arsenic has been wide speculated and discussed.

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“The attraction of the Presidency has been drawn to 2 fiscal argumentation documents successful circulation that are being fixed wide sum by the mainstream media and societal media platforms,” Onanuga said.

One of the documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure, etc) Order 2024,” is being shared arsenic if it were an enforcement bid signed by President Bola Ahmed Tinubu.

The different is simply a 65-page draught papers titled “Accelerated Stabilisation and Advancement Plan (ASAP),” which contains suggestions connected however to amended the Nigerian economy. President Tinubu received a transcript of the draught connected Tuesday.

Onanuga, however, said nary of the 2 documents is an approved authoritative papers of the Federal Government of Nigeria and urged the nationalist to disregard the 2 documents and cease further discussions connected them.

He disclosed that the documents are each argumentation proposals that are inactive taxable to reappraisal astatine the highest level of government, noting that 1 has ‘draft’ intelligibly written connected it.

The statesmanlike spokesperson besides quoted the Coordinating Minister of the Economy, Wale Edun, saying, “It is important to recognize that policymaking is an iterative process involving aggregate drafts and discussions earlier immoderate papers is finalised.”

Edun, arsenic quoted by Onanuga successful the statement, assured the nationalist that the authoritative presumption connected the documents volition beryllium made disposable aft broad reviews and approvals are completed.

Emanating from the 2 documents person been reports second-guessing the government’s argumentation connected customs tariffs, substance subsidies, and different economical matters.

Addressing these, Edun clarified that determination has been nary displacement successful the government’s argumentation connected substance subsidies since Tinubu’s announcement connected May 29, 2023, noting that determination is nary N5.4 trillion being provisioned for it successful 2024, arsenic has been wide speculated and discussed.

Edun stated that Tinubu’s presumption connected substance subsidy has not changed and noted that the argumentation remains firmly successful place.

Edun stated; “The authorities wants to restate that its presumption connected substance subsidy has not changed from what President Bola Ahmed Tinubu declared connected 29 May 2023. The substance subsidy authorities has ended. There is nary N5.4 trillion being provisioned for it successful 2024, arsenic being wide speculated and discussed,

“The Coordinating Minister of the Economy further clarified: “As antecedently stated by authorities officials, including myself, President Tinubu announced the extremity of the substance subsidy programme past year, and this argumentation remains firmly successful place.

“The Federal Government is committed to mitigating the effects of this removal and easing the outgo of surviving pressures connected Nigerians.

“Our strategy focuses connected addressing cardinal factors specified arsenic nutrient inflation, which is importantly impacted by transport costs. With the implementation of our CNG initiative, which aims to displace precocious PMS and AGO costs, we expect to further trim these costs.

“Our committedness to ending unproductive subsidies is steadfast, arsenic is our dedication to supporting our astir susceptible populations.”