The Federal Government has reiterated its stance that the era of petrol subsidy is a thing of the past.
This declaration comes in response to a leaked draft copy report of the Accelerated Stabilization and Advancement Plan (ASAP) presented to President Tinubu by the finance minister, Wale Edun, on Tuesday.
According to the leaked report, the estimated expenditure on fuel subsidy for 2024 is projected to be N5.4 trillion, which is N1.8 trillion more than the amount spent in 2023.
The draft document also highlighted the continuous increase in the expenditure on fuel subsidy, reaching ₦5.4 trillion by the end of 2024, compared to ₦3.6 trillion in 2023 and ₦2.0 trillion in 2022.
In response to the leaked documents, Bayo Onanuga, Special Adviser to the President on Information and Strategy, urged the public and the media to disregard the documents.
Emphasizing that the leaked documents are not official and are still subject to reviews at the highest level of government, he reiterated that the policy position on fuel subsidy remains unchanged and that there is no provision of N5.4 trillion for it in 2024.
Onanuga clarified that the government is resolute in its decision to end the fuel subsidy program, as declared by President Tinubu on May 29, 2023.
The administration is committed to alleviating the impact of the removal of the subsidy and aims to ease the cost of living pressures on Nigerians.
The government’s strategy focuses on addressing key factors such as food inflation, particularly impacted by transport costs, and the implementation of initiatives to reduce transportation expenses.
Furthermore, in December, the government refuted the claim by the World Bank that it is still paying subsidies on petrol, reiterating that the era of petrol subsidy is indeed over.
