Abuja, June 6, 2024 – The federal government says it has not provisioned N5.4 trillion for fuel subsidy this year.
According to a statement by Bayo Onanuga, a Senior Special Adviser to President Bola Ahmed Tinubu, the government’s position on petrol subsidy removal has not changed.
“Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations,” the government said.
It said the federal government was committed to mitigating the effects of this removal and easing the cost of living pressures on Nigerians.
“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.”
Wale Edun, the Coordinating Minister of the Economy, further clarified: “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.” (GBN)
