Presidency Clarifies Circulating Fiscal Policy Documents as Unofficial

 

 

The Presidency has clarified that two fiscal policy documents widely covered by mainstream and social media are not official government publications.

Bayo Onanuga, Special Adviser to the President on Information and Strategy, issued a statement in Abuja on Thursday addressing the issue. He noted that one of the documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024,” was being circulated as if it were an executive order signed by President Bola Ahmed Tinubu.

Onanuga stated that the second document, a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” contains suggestions for improving the Nigerian economy and was received by President Tinubu on Tuesday.

“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,” said Onanuga.

Quoting the Coordinating Minister of the Economy, Mr. Wale Edun, Onanuga emphasized 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. We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed,” Edun said.

Addressing reports based on the two documents, Edun reaffirmed the government’s stance on various economic policies, including customs tariffs and fuel subsidy. “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.

The Coordinating Minister further clarified: “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. 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.”

Edun urged the media to exercise necessary checks and restraint when using documents not from official channels to ensure the public is accurately informed about government policies and programs.