The Presidency has dismissed claims that it is making provisions to pay N5.4 trillion for fuel subsidy in 2024, countering statements made by PDP presidential candidate Atiku Abubakar.

Atiku had challenged President Tinubu, alleging that despite claims of ending the petrol subsidy, the administration had secretly continued payments, potentially reaching N5.4 trillion this year.

In response, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, reiterated that the fuel subsidy era had ended. “The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on May 29, 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024,” Onanuga stated.

The Presidency also reiterated comments by the Coordinating Minister of the Economy, Wale Edun, who confirmed that President Tinubu’s announcement of the end of the fuel subsidy program remains in effect.

The Federal Government, Onanuga said, is focused on mitigating the effects of subsidy removal and easing living costs for Nigerians. “Our strategy addresses key factors such as food inflation, significantly impacted by transport costs. The implementation of our CNG initiative aims to displace high PMS and AGO costs, further reducing these expenses.”

Onanuga emphasized the government’s commitment to ending unproductive subsidies while supporting vulnerable populations.

Additionally, the Presidency addressed circulating fiscal policy documents, clarifying that the “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and the “Accelerated Stabilisation and Advancement Plan (ASAP)” are still proposals under review.

“These documents are not yet approved official documents of the Federal Government of Nigeria. They are policy proposals still subject to the highest level of review,” the statement added.

Edun highlighted that policymaking is an iterative process involving multiple drafts and discussions before finalization, assuring the public that the official positions will be disclosed after comprehensive reviews and approvals are completed.