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N500bn SURE-P fund not missing – FG

By on November 20, 2013

The Federal Government on Monday dismissed claims that the sum of N500bn was missing from the Subsidy Reinvestment and Empowerment Programme Account.

The amount, it said, was paid to states and local governments as part of their share of the N800bn that accrued to the account.

The SURE-P fund has been a subject of controversy since last Monday when the Senate Committee said N500bn of the fund could not be accounted for by the Nigerian National Petroleum Corporation.

But the NNPC said it had nothing to do with the disbursement and appropriation of funds to the committee managing the SURE-P.

The NNPC’s reaction was prompted by the statement of the Senate that the corporation had not accounted for the N32 removed as subsidy on each litre of petrol sold from January 2012 to September 2013.

The Senate had lamented that officials of the NNPC failed to honour its invitation to give an account of how it managed the accrued fund.

But the NNPC, in a statement, said, “The corporation has no connection whatsoever with the disbursement and appropriation of funds to the SURE-P Committee.”

The Ministry of Finance said contrary to the report, there was no missing N500bn from the SURE-P funds. The claim, it said, was “completely false.”

The statement read in part, “The total expected funds for the SURE-P from subsidy savings for the federal, state and local governments is N816bn from February 2012 to December 2013.

“The Federal Government’s portion managed by the Kolade Committee for the period of February 2012 to September 2013 is N300bn after deductions for the Stabilisation and other Special Accounts.

“As Dr. Christopher Kolade confirmed to the National Assembly recently, this is the amount which the SURE-P at the federal level has received from the Federal Government.

“The balance of N500bn went to the states and local governments, which also have their own SURE-P programmes.”

 

 

 

[Punch]

One Comment

  1. Henry Obialor

    November 20, 2013 at 7:38 am

    Somebody should arrest the senator who gave the false information and misled the public