Fuel subsidy has ended – Presidency debunks ₦5.4tr subsidy payment for 2024, urges media to always exercise necessary checks

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Fuel subsidy has ended – Presidency debunks ₦5.4tr subsidy payment for 2024, urges media to always exercise necessary checks

The Nigeria Coordinating Minister of the Economy, Mr Wale Edun has clarified the trending alleged resumption of subsidy payment as false.

An e-signed statement by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, on Thursday June 6, 2024 said that the information did not emanate from official channels of the President, adding that the commitment of President Tinubu led government to ending unproductive subsidies is steadfast.

“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.

“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.

“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”.