The Presidency has vehemently rejected allegations circulating that the government plans to allocate N5.4 trillion for fuel subsidy in 2024.
This denial comes in response to assertions made by Abubakar Atiku, the Peoples Democratic Party (PDP) candidate in the 2023 presidential election, who accused President Tinubu’s administration of clandestinely subsidizing petrol despite public statements indicating otherwise.
In a statement signed by Bayo Onanuga, the Special Adviser to the President on Information and Strategy, the Presidency reiterated its stance that the era of fuel subsidy had ended, as declared by President Tinubu in May 2023. Onanuga clarified, “There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed.”
The government aims to alleviate the impact of subsidy removal on Nigerians by implementing strategies to address key factors such as food inflation, significantly affected by transportation costs.
Onanuga highlighted the implementation of the Compressed Natural Gas (CNG) initiative as a means to reduce petrol and diesel costs further.
He emphasized the administration’s commitment to ending unproductive subsidies while supporting vulnerable populations.