Presidency Denies Reintroducing Fuel Subsidy, Explains 30-Day NNPC Discount

The Presidency has dismissed reports that President Bola Tinubu’s administration has reintroduced fuel subsidy, clarifying that the government’s latest intervention is a 30-day petrol discount at Nigerian National Petroleum Company Limited (NNPCL) filling stations.

Special Adviser to the President on Information and Strategy, Bayo Onanuga, described the reports as fake news in a statement issued on Thursday, following the announcement that motorists would be able to purchase petrol at reduced prices at NNPCL stations.

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Onanuga explained that the arrangement involves a margin discount on petrol dispensed by NNPCL for 30 days, with priority given to public transport operators nationwide. He urged Nigerians and media organisations to seek clarification before circulating reports about the government’s measures.

“Before they start circulating fake news, please get some clarity on the raft of measures announced by the Tinubu administration today,” Onanuga said.

He added: “A margin discount at NNPC stations. We are offering a discount on petrol dispensed by NNPC Limited for the next 30 days, with priority for public transporters nationwide.”

The clarification followed an announcement by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, during a press conference in Abuja on Thursday. Oyedele said the arrangement was not a fuel subsidy but a government initiative to sell petrol at cost, alongside negotiations on landing costs that would be reviewed monthly.

The distinction is significant because the Federal Government’s position is that the temporary price reduction is a limited intervention rather than a return to the fuel subsidy regime. The government has not, in the information provided, disclosed the exact discount per litre or the final prices motorists will pay at participating stations.