The Presidency has warned the public and the media to exercise caution when sharing or referencing two fiscal policy documents currently circulating on social media, saying they are unofficial and undergoing review.
It said the documents should not be considered final or authoritative until confirmed by the relevant authorities.
The documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measure, etc.) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP)” are said to contain proposals on economic policy, including customs tariffs and fuel subsidy.
The Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, said in a statement on Thursday that the Presidency has issued a statement clarifying that the circulating fiscal policy documents are merely drafts and have not been officially approved or finalized.
It emphasized that policymaking involves a collaborative and iterative process with multiple revisions and discussions before reaching a final version.
Mr. Wale Edun, the Economy Coordinating Minister, promised to release the official position on the documents after conducting thorough reviews and approvals.
As Edun noted, the statement emphasized, “Policymaking involves a process of refinement and debate, with multiple drafts and discussions taking place before a final document is agreed upon, highlighting the dynamic and collaborative nature of policy development.
“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed.”
Reports have surfaced speculating about the government’s stance on various economic issues, including customs tariffs and fuel subsidies, sparking uncertainty and speculation about the direction of the government’s economic policies, according to the two documents.
“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,” Edun stated.
He clarified: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program 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.
“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.”
The Presidency appealed to the media to always exercise restraint and verify the authenticity of documents through official channels before reporting to ensure the accuracy of information and avoid the spread of misinformation to the public.
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