The Federal Government has refuted a report attributed to the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, concerning two circulating fiscal policy documents. This clarification was issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a formal statement.
Onanuga addressed the matter, explaining that the documents in question have not received official endorsement. "The attention of the Presidency has been drawn to two fiscal policy documents in circulation that are being given wide coverage by the mainstream media and social media platforms," he noted.
One of these documents, titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024, is being misrepresented as an executive order signed by President Bola Ahmed Tinubu. The other, a 65-page draft titled Accelerated Stabilisation and Advancement Plan (ASAP), offers proposals for economic improvement but has not been finalised. “President Tinubu received a copy of the draft on Tuesday,” Onanuga stated.
He urged the public and the media to disregard these documents, emphasising their unofficial status. "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," Onanuga added.
Edun, commenting on the matter, underscored the iterative nature of policymaking. “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised,” he said. He assured the public that the finalised official stance on the documents would be communicated following thorough reviews and approvals.
Addressing the misconception regarding fuel subsidy, Edun reiterated the government's stance. “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,” he affirmed.
Edun highlighted the government's commitment to easing the cost of living pressures on Nigerians, particularly through the removal of unproductive subsidies and initiatives like the CNG programme aimed at reducing transportation costs. “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,” he stated.
Onanuga concluded by urging the media to exercise caution and verify the authenticity of documents before dissemination. “We call on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided and educated on government policies and programmes,” he advised.