Abuja, June 6, 2024 – The Federal Government has firmly stated that the era of petrol subsidies is “gone for good.”
This announcement comes in response to a leaked draft report of the Accelerated Stabilization and Advancement Plan (ASAP), presented to President Bola Tinubu by Finance Minister Wale Edun on Tuesday.
The ASAP, which aims to tackle critical challenges impacting reform initiatives and stimulate growth across various economic sectors, highlighted a projected expenditure on fuel subsidies for 2024 amounting to N5.4 trillion. This figure is N1.8 trillion higher than the subsidy spending in 2023.
In its reaction, the government emphasized the unsustainable nature of the subsidy system, asserting that discontinuing it is essential for the nation’s economic stability and progress. “The era of petrol subsidy is gone for good,” a government spokesperson affirmed, underscoring the administration’s commitment to implementing necessary reforms.
The leaked ASAP report outlines comprehensive strategies to mitigate the impact of subsidy removal while driving economic development. It addresses pivotal issues such as fiscal stability, energy sector reforms, and sustainable growth, reflecting the government’s proactive approach to overcoming the country’s economic challenges.
The declaration marks a significant policy shift, aligning with President Tinubu’s broader economic reform agenda. The government is expected to roll out detailed measures to cushion the effects of the subsidy removal on the populace and ensure a smooth transition to a subsidy-free regime.
Further updates will be provided as the government advances its plans to stabilize and advance the nation’s economy in the post-subsidy era.
