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.
In the press release, titled LEAKED DOCUMENTS ON FISCAL POLICY PROPOSALS NOT OFFICIAL, Onanuga, said " We urge the public and the media to disregard the two documents and cease further discussions on them.
▪︎ Customs CGC, Adeniyi
" 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.
The Coordinating Minister of the Economy, Mr. Wale Edun, said: “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."
Emanating from the two documents have been reports second-guessing government's policy on customs tariffs, fuel subsidy and other economic matters.
"The government wants to restate that its position on fuel subsidy has not changed from what President Bola Ahmed Tinubu declared on 29 May 2023. The fuel subsidy regime has ended. There is no N5.4 trillion being provisioned for it in 2024, as being widely speculated and discussed,” Edun stated.
The Coordinating Minister of the Economy further clarified: “As previously stated by government officials, including myself, President Tinubu announced the end of the fuel subsidy program last year, and this policy remains firmly in place.
“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”.
We call on the media to always exercise necessary checks and restraints in the use of documents that do not emanate from official channels so that the members of the public are properly informed, guided and educated on government policies and programmes. "
Meanwhile, in the document seen on Thursday, President Bola Ahmed Tinubu mandated the Federal Ministry of Finance , the Central Bank of Nigeria, including the Nigeria Customs Service, not to collect import duty and other tariffs on the following items , for a period of six months.
In the Order cited as the Inflation Reduction and Price Stability (Fiscal Measures, Etc) Order 2024, Mr President also granted rebate on import duty by fixing the exchange rate for the purpose of import
duties and levies at eight hundred Naira (N800.00) to one United States Dollar (US$1) for a period of six months.
In the document, Tinubu also
ordered the Nigeria Customs Service to fast track clearing of agricultural equipment and food items, manufacturing inputs, and pharmaceutical
products at the ports and aim at a minimum time reduction of at least fifty percent.
The affected items are: "
(a) staple food items; (b) raw materials and other direct inputs used for manufacturing; (c) inputs for agriculture production including fertilisers, seedlings, and chemicals
(d) pharmaceutical products
(e) poultry feeds, flour and grains
Tariffs suspension 3. Authorise millers to import paddy rice at zero duty and Value Added Tax for a period of 6 months in the first instance in order to improve local supply and capacity utilisation of rice millers. Importation of rice 4. Value Added Tax, where applicable, is hereby suspended on the following items for the rest of the year 2024: (a) basic food items and semi-processed staple food items such as noodles and pasta; (b) raw material inputs for the manufacturing of food items, electricity and public
transportation; (c) agricultural inputs and produce, and (d) pharmaceutical products."
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