The Presidency has clarified that President Bola Tinubu’s administration has not misled Nigerians regarding the removal of fuel subsidies. Bayo Onanuga, Special Adviser to the President on Information and Strategy, reaffirmed that the President’s statement on May 29, 2023, declaring the end of subsidies, remains accurate. Onanuga dismissed allegations that the government is still paying subsidies, emphasizing that no budget provisions have been made for subsidies since the declaration.
Onanuga explained that the Nigeria National Petroleum Company Limited (NNPCL) has been transparent about the financial challenges it faces, including a $6 billion debt to fuel suppliers. He noted that NNPCL’s decision to absorb the rising costs of petrol was to protect Nigerians, even as the company’s balance sheet struggles. The situation has impacted the government’s revenue, but Onanuga expressed hope that the Dangote Refinery and other local refineries will soon alleviate these challenges.
He also highlighted the broader economic benefits of local refineries coming online, such as job creation and reduced demand for foreign exchange to import petroleum products. Onanuga assured that the government’s commitment to ending subsidies is unwavering and that the challenges faced now are being addressed with long-term solutions in mind.