The Federal Government has called on Nigerians to disregard reports of two documents currently in circulation containing measures to address the high cost of goods and services.
One of the documents titled ‘Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024, is being shared as if it were an Executive Order signed by President Bola Ahmed Tinubu.
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 Bola Tinubu reportedly received a copy of the draft on Tuesday.
In a press statement by the Special Adviser on Information and Strategy to the President, Mr. Bayo Onanuga, the Presidency disclosed that the two documents are still proposals that are still being reviewed by relevant organs of government.
The Presidential aide said, “We urge the public and the media to disregard the two documents and cease further discussions on them. None is an approved official document of the Federal Government of Nigeria. They are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has ‘draft’ clearly written on it.”
Speaking on the same issue, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the proposals would undergo multiple processes before they become an official position of the government.
He clarified, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed. Emanating from the two documents have been reports second-guessing government’s policy on customs tariffs, fuel subsidy and other economic matters.”
The minister also countered reports that a sum of N5.4 trillion was budgeted for fuel subsidy in 2024, noting, “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.”
“As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy programme 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.”
On measures to address the spiraling inflation, Edun revealed, “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. Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations.”
