Nigeria govt reaps N60bn subsidy windfall

07 May 2012, Sweetcrude, LAGOS - The Subsidy Reinvestment Programme Committee (SURE-P) set up by the Nigerian goverment on the heels of January’s hike in prices of petrolem products, says it has accumulated over N60 billion from subsidy removal since January 1, this year.
Chairman of the committee, Dr Christopher Kolade disclosed this at the weekend, saying his committee has resumed full operations and that it was necessary to inform the public of the latest in its operations.

Pledging accountability on the part of the committee, he said alln funds accruing to the committee would be well spent.

According to him , the committee will use the money for community service, maternal health and youth empowerment; construction of roads, and railway lines, but he did not mention states and local councils taht would benefit from the funds.

He said: “We are going beyond rhetoric to execute the mandate of making sure that the money budgeted is used to alleviate the immediate impact of petroleum subsidy discontinuation on Nigerians, accelerate economic transformation through investment in critical infrastructure projects so as to drive economic growth and achieve Vision 20:20:20 and lay a foundation for the successful development of a national safety-net programme that is better target at the poor and most vulnerable on a continuous basis.”