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Presidency Clarifies Tinubu’s Official Position on Fuel Subsidy and Custom Tariffs

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By Milcah Tanimu

The presidency clarified on Thursday that certain leaked fiscal policy documents circulating on social media do not reflect the official stance of the Nigerian government. The Special Adviser to President Bola Tinubu on Information and Strategy, Bayo Onanuga, issued a statement addressing the misinformation.

The documents in question, identified as the “Inflation Reduction and Price Stability (Fiscal Policy Measure etc) Order 2024” and the “Accelerated Stabilisation and Advancement Plan (ASAP),” are merely proposals and drafts that have not received final approval from President Tinubu. Onanuga emphasized that these documents are still under review and should not be considered as definitive government policy.

There has been widespread speculation about the government’s policies on customs tariffs, fuel subsidies, and other economic matters based on these drafts. Onanuga urged the public and media to disregard these documents, reiterating that they are not official and have not been signed into effect by the President.

The presidency reaffirmed that the fuel subsidy regime, as declared ended by President Tinubu on May 29, 2023, remains unchanged. Onanuga dismissed the rumor of a N5.4 trillion provision for fuel subsidies in 2024, clarifying that no such allocation exists.

The official statement, titled “LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL,” read:

“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. They are all policy proposals that are still subject to reviews at the highest level of government. Indeed, one has ‘draft’ clearly written on it.”

Onanuga cited the Coordinating Minister of the Economy, Wale Edun, who explained the iterative nature of policymaking, involving multiple drafts and discussions before final approval.

Edun reaffirmed the government’s commitment to mitigating the effects of the fuel subsidy removal and addressing key factors such as food inflation. He highlighted the government’s Compressed Natural Gas (CNG) initiative aimed at reducing transport costs and overall living expenses.

The presidency called on the media to exercise due diligence and restraint in using documents that do not originate from official sources, ensuring the public receives accurate and reliable information on government policies and programs.

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Groups condemn sponsored protests, media attacks against ex-NNPCL boss Kyari

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Coalition Of Civil Society Organisations In Nigeria (COCSON) and Bloggers and Vloggers, Content Creators Association (BAVCCA) have warned against politically engineered protests against the immediate past Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Company Limited (NNPCL), Malam Mele Kyari, who “served the nation faithfully.”

In a statement jointly signed on Thursday by COCSON’s National Mobilisation Officer Comrade Tabuko Kennedy and BAVCCA’s Spokesperson Efe John Abayomi, the two groups urged President Bola Tinubu to overlook undue distraction from enemies of his administration while rejecting a calculated attempt to malign the person and office Kyari hitherto held concerning the $2 billion crude-for-loan deal.

COCSON and BAVCCA chided agents of mischief and fake news merchants over baseless media attacks on the former NNPCL GCEO while urging anyone with genuine proof of Kyari’s wrongdoing while in office to present it through proper legal channels and not through sponsored headlines and mob protests.

The groups maintained that Kyari has done everything a true patriotic and honest leader can do. In a very difficult economic crisis and Part of the solution to Nigeria’s foreign exchange challenge, a puzzle that nearly crumbled the economy.

The statement read in part:

“We will not sit back and watch a reformer be sacrificed on the altar of politics. We call on our progressive President Bola Ahmed Tinubu to remain steadfast and not allow these desperate tactics to distract his government from the broader goal of sanitizing the petroleum sector.

“If anyone has genuine proof of wrongdoing, let them present it through proper legal channels — not through sponsored headlines and mob protests.

“Mele Kyari has done everything a true patriotic and honest leader can do. In a very difficult economic crisis, He stood for the greater good of all Nigerians instead of a few cabals. He has been Part of the solution to Nigeria’s foreign exchange challenge, a puzzle that nearly crumbled the economy.

“Let us be clear: this is not a scandal — it is a structured misrepresentation of a standard commercial transaction that predates this administration and has been carefully supervised under the regulatory and sovereign structures of the Federal Government of Nigeria.

THE TRUTH THEY WON’T TELL YOU:

“The $3.3 Billion Crude-Backed Loan Was a Sovereign Deal: This transaction, executed in collaboration with Afreximbank and backed by the Federal Government, was designed to stabilize Nigeria’s foreign exchange reserves and provide a buffer against economic shocks — not to “mortgage Nigeria’s future” as ignorantly portrayed by politically motivated street protesters hired by ungrateful elements working against the progressive leadership of President Bola Ahmed Tinubu.

“Kyari Was Not Acting Alone: Every stage of the crude-for-loan framework was vetted by relevant agencies — including the Ministry of Finance, Debt Management Office, and the Attorney General’s Office. Kyari was executing national policy, not personal ambition.

“No Missing Crude, No Diversion of Funds: There is zero evidence of crude diversion, missing shipments, or financial misappropriation. All proceeds and repayment schedules are transparent, documented, and auditable. Anyone who has a valid case should first present proof of his claims instead of taking Nigerians’ collective sense of judgment for a ride.

“Kyari Has Been Nigeria’s Most Transparent NNPC Boss in Decades: Under Kyari’s leadership, NNPC was transitioned into a commercially-run, limited liability company. For the first time in NNPC’s history, its books are published, audited, and made public. That’s not corruption — that’s reform.

PRESIDENT TINUBU REPOSES TRUST IN MELE KYARI
“On January 8, 2025, President Bola Ahmed Tinubu commended the former NNPCL GCEO, Mallam Mele Kyari, on his 60th birthday, praising his service and integrity. In the President’s words, “Kyari is a shining example and embodiment of the ideals of the Renewed Hope Agenda. I commend his commitment to creating new opportunities and ensuring the growth and sustainability of Nigeria’s energy sector.” This statement, made soon after Kyari’s exit, makes it clear that his departure was not a dismissal but a smooth transition, with his legacy of reforms and achievements in the oil and gas sector fully recognized and appreciated at the highest level.

“The Protest Is Politically Engineered: We have credible information that certain vested interests, threatened by the sanitization of the oil sector, are sponsoring protests and media hysteria to derail reforms and force Kyari out.

“We stand with Mele Kyari. We stand for due process. We stand for national interest.”

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KAM Holding GMD Felicitates Emir Of Ilorin On 85th Birthday

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  • Describes Emir As Harbinger Of Hope, Development

Stephen Olufemi Oni, Ilorin

The Group Managing Director of
KAM Holding Ltd, Dr. Kamoru Yusuf, has felicitated the Emir of Ilorin, Alhaji Ibrahim Sulu-Gambari on the occasion of his 85th birthday.

Yusuf, in a congratulatory message, praised the Emir for being an harbinger of hope and development.

The business mogul expressed delight that the reign of Sulu-Gambari has brought unparalleled development to Ilorin Emirate and Kwara State as a whole.

Yusuf added: “It is heartening that Allah has preserved Your Highness for us to cover this mileage with truckload of accomplishments in all spheres of human endeavour.

“No doubt, Ilorin has grown to be a Cosmopolitan City during your reign, and this is an attestation to Your Highness’s pragmatic leadership. With the level of growth and development in Ilorin among its contemporaries, I am of implicit confidence that what has been achieved is just a precursor for more goodies in the offing.

“On behalf of my family, management and staff of KAM Holding Limited, I congratulate Your Highness and wish you longevity of life with sound health.”

Ends

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Fire Destroys Newly Built Female Hostel at Sokoto State University

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A newly constructed female hostel at Sokoto State University was engulfed by fire on Tuesday, causing panic among students and staff.

The blaze, which started around 3:30 p.m., completely destroyed the building, which had been built to ease accommodation challenges. While the cause remains unknown, a student noted that those initially assigned to the hostel had already been relocated before the incident.

Confirming the fire, the Students’ Union President said firefighters arrived at the scene by 5:00 p.m. to combat the flames. However, authorities have yet to release an official statement on the cause or extent of the damage.

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