• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Economy

No N5.4 trillion provision for fuel subsidy in 2024 – FG 

Cyrus Ademola by Cyrus Ademola
June 6, 2024
in Economy, Spotlight
Wale Edun,

Wale Edun

Share on FacebookShare on TwitterShare on Linkedin

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, has debunked reports that the federal government made a N5.4 trillion provision for fuel subsidy for 2024.  

This is contained in a statement by the Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, on his X account on Thursday.  

Onanuga pointed out that the draft containing the projected N5.4 trillion expenditure for fuel subsidy in 2024 isn’t official as it hasn’t received presidential approval. 

RelatedStories

No regret removing fuel subsidy, says President Tinubu

Democracy Day: Tinubu confers 139 National Honours for “outstanding contributions of heroes” 

June 12, 2025
FG strengthens partnership with Impact Investors, confirms $50 million commitment WIIF

FG strengthens partnership with Impact Investors, confirms $50 million commitment WIIF

June 10, 2025

He further communicated the statement of the Minister that the fuel subsidy regime has ended, as declared by President Tinubu during his inaugural address on May 29, 2023.  

The spokesperson said Edun emphasized that the government’s strategy remains shifting away from high petrol and diesel costs through initiatives like the Compressed Natural Gas (CNG) transportation system. 

 “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. 

“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 said. 

Documents not official 

Furthermore, Onanuga said that the drafted copies of the two documents in circulation has not yet been approved by the president, adding that it is not official.  

According to him, the documents though contain economic proposals submitted to the president, they are still under review by the president.  

The spokesperson urged the media to refrain from discussing them as if they had already been approved by the government. 

“The attention of the Presidency has been drawn to two fiscal policy documents in circulation that are being given wide coverage by the mainstream media and social media platforms. 

“One of the documents titled Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024 is being shared as if it were an executive order signed by President Bola Ahmed Tinubu.  

“The other Is a 65-page draft document with the title “Accelerated Stabilisation and Advancement Plan (ASAP), which contains suggestions on how to improve the Nigerian economy. President Tinubu received a copy of the draft on Tuesday.  

“We urge the public and the media to disregard the two documents and cease further discussions on them. None is an approved official document of the Federal Government of Nigeria,” Onanuga added.  

Backstory 

Earlier, Nairametrics reported that a draft copy report of the Accelerated Stabilization and Advancement Plan (ASAP) presented to President Tinubu by the finance minister, Wale Edun showed that the government projected that fuel subsidy will gulp N5.4 trillion in 2024.  

The report showed that the estimated expenditure on fuel subsidy for 2024 is N5.4 trillion, this is a swooping sum of N1.8 trillion more than the amount spent in 2023. 

“At current rates, expenditure on fuel subsidy is projected to reach N5.4 trillion by the end of 2024. This compares unfavourably with N3.6 trillion in 2023 and N2.0 trillion in 2022,” the report said. 

Meanwhile, the government has maintained that the contentious petrol subsidy is gone after President Tinubu announced on May 29, 2023, that the subsidy is gone. 

According to the government, the report has not been approved by the president.  


Follow us for Breaking News and Market Intelligence.
Tags: Bola TinubuCompressed Natural Gasfuel subsidy in 2024Wale Edun
Cyrus Ademola

Cyrus Ademola

  • Cyrus Ademola is an energy and economy analyst with over half a decade experience in journalism, research-based oped, economic reportage and energy analysis. His works have been featured on different media outlets, covering from oil and gas to business trends.

Related Posts

No regret removing fuel subsidy, says President Tinubu
Politics

Democracy Day: Tinubu confers 139 National Honours for “outstanding contributions of heroes” 

June 12, 2025
FG strengthens partnership with Impact Investors, confirms $50 million commitment WIIF
Corporate deals

FG strengthens partnership with Impact Investors, confirms $50 million commitment WIIF

June 10, 2025
FG engages Japan for $110 million food security loan 
Agriculture

FG engages Japan for $110 million food security loan 

June 5, 2025
Nigeria recommits to Africa’s development with fresh $500 million Trust Fund boost – Edun 
Economy

Nigeria recommits to Africa’s development with fresh $500 million Trust Fund boost – Edun 

May 30, 2025
Wale Edun pushes finance ministry directors to deliver 7% GDP growth 
Economy

FG to concession major national projects to repay loans – Finance minister 

May 30, 2025
Proposed 5% levy on companies for community project might lead to exits – Afrexim Bank
Manufacturing

$800 million boost: Tinubu’s policy overhaul transforms Nigeria’s mining sector

May 25, 2025
Next Post
Francoise Bettencourt Meyers

Francoise Bettencourt Meyers becomes first woman to join $100 billion club in the world

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • Democracy Day: Tinubu confers 139 National Honours for “outstanding contributions of heroes” 
  • China grants duty-free access to all African countries amid shifting global trade dynamics 
  • Meet Arnold Ekpe, new Chairman of Dangote Sugar 

Follow us on social media:

Recent News

No regret removing fuel subsidy, says President Tinubu

Democracy Day: Tinubu confers 139 National Honours for “outstanding contributions of heroes” 

June 12, 2025
China’s wobbly economy: Implications for Nigeria’s next president

China grants duty-free access to all African countries amid shifting global trade dynamics 

June 12, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics