The Nigerian Presidency has clarified that two fiscal policy documents currently circulating online are merely proposals and have not yet been approved by President Bola Tinubu.
The documents in question are titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP).” The clarification follows their circulation on social media and mainstream media after a meeting between Finance Minister Wale Edun and President Tinubu.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, issued a statement on Thursday emphasizing that these documents are still under review and are not official government policy.
He said, “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. One of the documents titled ‘Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024’ is being shared as if it were an executive order signed by President Bola Ahmed Tinubu. The other is a 65-page draft document with the title ‘Accelerated Stabilisation and Advancement Plan (ASAP),’ which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday.”
Onanuga urged the public and media to cease discussions on the documents, noting that policymaking involves multiple drafts and discussions before any document is finalized.
He said, “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 review at the highest level of government. Indeed, one has a ‘draft’ clearly written on it.”
The statement also reiterated the government’s stance on the fuel subsidy, asserting that there has been no change since President Tinubu’s declaration on May 29, 2023. Onanuga clarified, “Emanating from the two documents have been reports second-guessing government’s policy on customs tariffs, fuel subsidy, and other economic matters. 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.”
Finance Minister Wale Edun also emphasized the iterative nature of policymaking, stating, “It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalized.”
Regarding the government’s commitment to mitigating the impact of subsidy removal, Edun stated, “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’s statement calls on the media to practice due diligence and confirm the authenticity of documents before publishing, to prevent misinformation and ensure the public is accurately informed about governmental policies and initiatives.
“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,” Onanuga Concluded.
