In a recent post on his official X handle, Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, firmly dismissed the growing narrative that the Federal Government has been less than truthful about its stance on fuel subsidy payments. Onanuga’s response comes in the wake of articles suggesting that the Tinubu administration had misled the public following the Nigerian National Petroleum Corporation Limited’s (NNPCL) admission of a $6 billion debt owed to fuel suppliers.
Onanuga categorically stated, “The truth is that there is no discovery. No lie uncovered.” He emphasized that the government has remained steadfast in its policy since President Tinubu announced the deregulation of the Premium Motor Spirit (PMS) sector on May 29, 2023. From that moment, Onanuga noted, fuel subsidy provisions have been entirely removed from both the 2023 supplementary budget and the 2024 budget, including its amendments.
He criticized the sensational headlines claiming an “unraveling” of the government’s subsidy policies, stating that such reports are both unjustified and misleading. “What has truly unraveled,” Onanuga clarified, “is the commendable effort of NNPCL to shield Nigerian consumers from the harsh realities of rising petrol costs.” He credited the oil company’s “generous disposition” and the “compassionate leadership” of President Tinubu for their attempts to maintain stable fuel prices, despite the escalating costs of crude oil and the devaluation of the Naira.
However, Onanuga acknowledged the growing pressure on NNPCL, which has reached a point where it can no longer sustain the price differential without risking insolvency. This financial strain, he warned, threatens the ability of the three tiers of government to function effectively, as NNPCL’s struggles have impacted its contributions to the Federation Account.
Onanuga urged the public to understand that there are “no easy choices” in the current situation. He highlighted the critical need for a solution to ensure NNPCL’s survival, maintain government operations, and keep petrol flowing at affordable prices. The silver lining, according to Onanuga, lies in the imminent commencement of operations at the Dangote Refinery and other local refineries, including the government-owned Port Harcourt Refinery.
“When these refineries come fully on stream,” Onanuga predicted, “our country and economy will benefit on all fronts. Good-paying jobs will be created along the value chain, and the enormous demand for foreign exchange to import petroleum products will diminish.”
In his closing remarks, Onanuga underscored the importance of supporting the government’s efforts to stabilize the economy and ensure a steady supply of fuel, reiterating that the Tinubu administration remains committed to its promises and transparent in its actions.
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