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The Federal Ministry of Finance has described as false, recent media reports stating that N500 billion was missing from the Subsidy Reinvestment Empowerment Programme (SURE-P). In a statement issued Monday by the minister’s media aide, Mr. Paul Nwabuikwu, the ministry said the reports were completely false.
“The total expected funds for SURE-P from subsidy savings for the federal, state and local governments is N816 billion from February 2012 to December 2013. (Please note that SURE-P started in February 2012.)
“The federal government’s portion managed by the Kolade Committee for the period February 2012 to September 2013 is N300 billion after deductions for stabilisation and other Special Accounts,” it said.
According to the statement, the Chairman of SURE-P Committee, Dr. Christopher Kolade had confirmed to the National Assembly recently that the sum of N300 billion was the amount accruing to SURE-P at the federal level.
“The balance of N500 billion went to the states and local governments which also have their own SURE-P programmes. This is the amount that is wrongly described as missing,” the statement added.
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