FG Disclaims leaked documents On New Fiscal Policy, says no plan on suspension of import duty, tariff yet

The Federal Government has disclaimed two leaked documents circulating in the media purporting to contain details of President Bola Tinubu’s new fiscal policy proposals.

According to a statement issued on Thursday by the President Bola Tinubu’s Special Adviser on Media and Strategy, Bayo Onanuga, the presidency urged the public and media to disregard the documents, saying they are not officially approved policies of the government.

One of the leaked documents titled “Inflation Reduction and Price Stability (Fiscal Policy Measures, etc.) Order 2024” was being shared as if it were an executive order signed by President Tinubu.

The other was a 65-page draft titled “Accelerated Stabilisation and Advancement Plan (ASAP),” containing suggestions on improving the Nigerian economy.

Earlier reports based on the leaked documents had claimed that President Tinubu was considering suspending import duties and tariffs on food, drugs and other basic commodities for six months starting May 2024.

The reports also said the purported order authorized rice millers to import paddy rice at zero duty and VAT for a period.

However, Onanuga stated that the documents are merely “policy proposals that are still subject to reviews at the highest level of government.”

He quoted the Coordinating Minister of the Economy, Wale Edun, as saying: “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”.

Edun also used the opportunity to reiterate that the Federal Government’s position on fuel subsidy has not changed from what President Tinubu declared on May 29, 2023 that the regime has ended.

He dismissed speculation of N5.4trn being provisioned for fuel subsidy in 2024 as untrue.

“It is important to understand that policymaking is an iterative process involving multiple drafts and discussions before any document is finalised.

“We assure the public that the official position on the documents will be made available after comprehensive reviews and approvals are completed,” Edun affirmed