BREAKING: “Fuel Subsidy Regime Has Ended”, Tinubu's Govt Insists, Discloses New Strategy

• The Nigerian presidency has said the two fiscal policy documents in circulation have not been approved by the FG
• Legit.ng reports that the presidency stressed that the viral documents are still policy proposals
• Quoting Wale Edun, the coordinating minister of the economy, the presidency reiterated that petrol subsidy is gone

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering politics and government policies.

FCT, Abuja - The Bola Tinubu administration on Thursday, June 6, insisted that his government has removed the subsidy on petroleum products.

In a statement by Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, the government said contrary to widespread speculation, "there is no N5.4 trillion being provisioned for it (fuel subsidy payment) in 2024".

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The statement quoted Wale Edun, the minister of finance and coordinating minister of the economy, as saying the fuel subsidy removal "remains firmly in place".

Furthermore, the state house press release advised Nigerians to disregard that two fiscal policy documents are in circulation because "none is an approved official document of the federal government of Nigeria".

Edun said:

“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."

Tinubu's govt's CNG strategy

Additionally, the federal government disclosed that the new compressed natural gas (CNG) programme 'will displace high premium motor spirit (PMS) and Automotive Gas Oil (AGO) costs'.

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It added:

"With the implementation of our CNG initiative, which aims to displace high PMS and AGO costs, we expect to further reduce these costs."

Meanwhile, the FG called on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels. It said this is essential so that Nigerians are properly informed, guided and educated on government policies and programmes.

Fuel subsidy: Atiku fires Tinubu

Earlier, Legit.ng reported that Atiku Abubakar, the presidential candidate of the Peoples Democratic Party (PDP) in the 2019 and 2023 elections, has reiterated that President Tinubu’s government should “come clean on the actual position of the (fuel) subsidy policy”.

Atiku said “if the subsidy regime had been characterised by opaqueness, what would we say of a situation where the subsidy is still being paid under the cover without Nigerians in the know?”

Source: Legit.ng