The Nigerian government has moved to quell public confusion surrounding two leaked documents outlining potential fiscal policy changes.
The documents, titled “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and “Accelerated Stabilisation and Advancement Plan (ASAP),” were widely circulated online, leading to speculation about proposed changes to fuel subsidies, customs tariffs, and other economic measures.
In a press statement issued on Thursday, the Presidency through Bayo Onanuga,Special Adviser to the President on Information and Strategy, clarified that neither document is an official government policy. One is presented as an executive order but has not been signed by President Bola Ahmed Tinubu, while the other is clearly labeled a draft.
The presidential aide further emphasized that government position on fuel subsidy has not changed from what President Tinubu declared on 29 May 2023. According to him, the fuel subsidy regime has ended, and no provisions was made for it in 2024.
Onanuga emphasized that policymaking is a deliberative process involving multiple drafts and revisions. He assured the public that the government’s official stance will be announced after thorough review and approval.
The statement reads in part, “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.
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“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 further clarified, “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.
“According to the Coordinating Minister of the Economy, Mr. Wale Edun, “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.
“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,” Edun stated.”
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