N500 billion SURE-P funds not missing – Okonjo-Iweala

Minister of Finance has denied Senate allegation that N500 billion was missing from the SURE-P funds. 

A statement signed by Paul Nwabuikwu, Special Adviser Media to the Coordinating Minister of Finance said  “contrary to some recent media reports, there is no missing N500 billion from SURE-P funds. The claim is 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 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.

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