The Nigerian government has reiterated that there will be no petrol subsidy payments in 2024, contrary to recent reports suggesting a budget allocation of N5.4 trillion for subsidies.
This clarification comes from Bayo Onanuga, Special Adviser to the President on Information and Strategy, amid the circulation of two fiscal policy documents that the government says are unofficial and still under review.
According to him, one document, titled “Inflation Reduction and Price Stability Order 2024,” has been mistakenly presented as an executive order signed by President Bola Ahmed Tinubu.
The other, a draft document named “Accelerated Stabilisation and Advancement Plan (ASAP),” is merely a proposal still under review.
The government insists these documents are part of an ongoing policy formulation process and urges the public and media to disregard them.
An executive summary of the stabilisation plan, obtained by correspondents, revealed for the first time that the government continues to subsidise premium motor spirit (PMS), or petrol. According to the plan, petrol subsidy expenditure is expected to reach N5.4 trillion by the end of 2024, up from N3.6 trillion in 2023 and N2.0 trillion in 2022.
Adesuwa Omoruan
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