The Presidency denied claims Wednesday that it was planning to pay N5.4 trillion in fuel subsidy programmes in 2024. Recall that Abubakar Atiku, the Peoples Democratic Party's presidential candidate in the 2023 elections, asked President Tinubu on Wednesday to stop deceiving Nigerians about his administration's genuine position on petroleum subsidy. He claimed that, despite Tinubu's public statements about removing petrol subsidies, the administration had been surreptitiously paying trillions of naira for petrol subsidies, with subsidy payments under Tinubu's watch expected to reach N5.4 trillion this year. Again yesterday, Atiku accused Tinubu's administration of misusing public funds by secretly paying fuel subsidies. However, Special Adviser to the President on Information and Strategy, Bayo Onanuga, stated in a statement yesterday that the era of petroleum subsidies has ended. The government wants to restate that its position on fuel subsidies remains unchanged from what President Bola Ahmed Tinubu stated on May 29, 2023. "The fuel subsidy regime ends. There is no N5.4 trillion set aside for it in 2024, as has been widely reported and discussed," he stated. The presidential spokesman reiterated the statement made by the Coordinating Minister of the Economy, Wale Edun, saying "as previously indicated by government authorities, including myself, Last year, President Tinubu announced the end of the fuel subsidy programme, which is still in effect today. Onanuga stated that the federal government was dedicated to alleviating the consequences of the removal and reducing Nigerians' cost of living. Our strategy focuses on addressing important factors like food inflation, which is heavily influenced by transportation costs. We expect further cost reductions with the introduction of our CNG project, which aims to displace high PMS and AGO expenses. "Our commitment to ending unproductive subsidies is steadfast, as is our dedication to supporting our most vulnerable populations," Onanuga stated. Tinubu’s diverting public funds using secret payments —Atiku Meanwhile, Atiku accused President Bola Tinubu's administration of misusing public funds by secretly paying fuel subsidies. Atiku said the secrecy behind the subsidy payment, as well as the administration's refusal to disclose how much was spent on the firm, left a lot to be desired. The former vice president, who made the statement in Abuja, was responding to the Presidency's announcement. Atiku indicated that the hidden subsidy scheme was one of the causes for the oil sector's refusal to attract investment. He stated, "Tinubu has taken the dubious character of administering Lagos to the federal level. He claims the subsidy has been removed, although his Special Adviser on Energy, Olu Verheijen, says they are interfering from time to time, and his Finance Minister, Wale Edun, describes subsidy removal as a 'ongoing process'. "A document prepared by the coordinating minister of the economy that reveals how much subsidy is paid is now being disowned by the document's authors. Both the World Bank and the IMF have shown in separate reports that Nigeria continues to pay petrol subsidies, but the Tinubu government refuses to admit it. Even a senior member of the APC admitted that the subsidy was being paid. "For a man who claims to be on a mission to encourage foreign direct investment, it's amusing that he can't see how his policy flip-flops and lies are capable of discouraging investors. He must come clean on the subsidy problem because he also serves as petroleum minister."
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