The Presidency has addressed the circulation of two fiscal policy documents, emphasizing that they are not official and should be disregarded. The documents, titled "Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024" and "Accelerated Stabilisation and Advancement Plan (ASAP)," have been widely covered by both mainstream and social media, causing confusion about the government's economic strategies.
The first document, "Inflation Reduction and Price Stability," has been mistakenly presented as an executive order signed by President Bola Ahmed Tinubu. The second document, a 65-page draft titled "ASAP," contains various economic improvement suggestions and was only received by President Tinubu on Tuesday.
The Coordinating Minister of the Economy, Mr. Wale Edun, clarified the situation: "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."
Reports emerging from these documents have led to speculation about the government's stance on customs tariffs, fuel subsidies, and other economic policies. Mr. Edun reiterated the government's position on the fuel subsidy, stating, "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."
Mr. Edun further emphasized the government's commitment to easing the cost of living for 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."
Bayo Onanuga, Special Adviser to the President on Information and Strategy, called on the media to exercise caution: "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."
The Presidency's statement highlights the importance of verifying information from official sources to prevent misinformation and ensure public understanding of government policies.
Tags
News