FAAC allocates N1.17tn to SURE-P

The Federation Accounts Allocation Committee allocated a total sum of N1.17trn to federal and state governments for the implementation of the Subsidy Reinvestment and Empowerment Programme between January 2012 and September 2014.

Reports shows that on a monthly basis, N35.549bn was deducted from the gross collectible revenue by FAAC and paid into the SURE-P account domiciled with the Central Bank of Nigeria.

SURE-P was set up in January 2012 to pacify angry Nigerians in the wake of the partial removal of subsidy on local consumption of petroleum products.

The sharing formula required the Federal Government to warehouse 41 per cent of the subsidy savings; the state and local governments shared 54 per cent, while the remaining five per cent is reserved for ecological challenges.

Of the N35.55bn distributed monthly, the Federal Government is allocated N15bn indicating a total amount of N495bn for the 33-month period, while the states, local government and ecological fund got the balance of N675bn.

An analysis of the intervention areas of the SURE-P showed that in 2012, N33.36bn representing 18.53 per cent was budgeted for railway projects while N85.50bn was allocated for the construction of roads and bridges.

Others are Niger Delta, N21.70bn; maternal and child health intervention, N15.94bn; mass transit, N8.9bn; public works, N5bn; vocational training, N8.6bn and consultancy and logistics, N1bn.


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