Federal Government has denied reports that it has allocated N5.4 trillion for fuel subsidy in 2024.
Gatekeepers News reports that the Minister of Finance, Wale Edun, clarified that the draft document containing the provision has not received presidential approval and is still under review.
Edun emphasised that the fuel subsidy regime has ended, as announced by President Bola Tinubu in his inaugural address. Instead, the government said it is focusing on initiatives like the Compressed Natural Gas (CNG) transportation system to reduce petrol and diesel costs.
“The strategy focuses on addressing key factors like food inflation, which is impacted by transport costs. With the CNG initiative, we aim to displace high PMS and AGO costs, reducing them further. Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations,” Edun said.
The Presidency also urged the media to refrain from discussing the draft documents as if they had been approved, stressing that they are still under review by the President.
