Fuel Subsidy Ended in 2023, Presidency Clarifies After N5.4trn Claims

The presidency has refuted claims regarding documents suggesting ongoing N5.4 trillion fuel subsidy expenditures, emphasizing that the costly venture ceased on the day President Bola Tinubu declared its end.

Bayo Onanuga, the special adviser to the president on Information and Strategy, clarified in a Thursday post on his X account that the viral documents were not approved by the federal government but were rather policy proposals under review.

One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” and the other, a 65-page draft document labeled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing suggestions to enhance the Nigerian economy.

Onanuga urged both the public and media to disregard these documents and cease further discussions on them.

Reiterating the government’s stance, Onanuga quoted Wale Edun, the minister of finance and coordinating minister of the economy, affirming that the fuel subsidy program ended as declared by President Tinubu on May 29, 2023. He emphasized that there is no provision of N5.4 trillion for the subsidy in 2024.

“The Federal Government remains committed to mitigating the impact of this removal and alleviating living costs for Nigerians,” Edun stated.

Emphasizing the government’s current focus, the coordinating minister highlighted the CNG initiative aimed at reducing transportation costs and consequently easing the burden on food item conveyance.

“We anticipate a reduction in food prices and deceleration of food inflation by implementing our CNG initiative, which targets the displacement of high PMS and AGO costs,” Edun remarked.

The commitment to ending unproductive subsidies remains steadfast, along with dedication to supporting the most vulnerable segments of the population, he added.