Okonjo-Iweala Before Committee Says Where All ''Missing'' Money Is

Finance Minister, Dr. Ngozi , said on Tuesday that the N500bn allegedly missing from the account of the Subsidy Reinvestment and Empowerment Programme had been shared to the states and local governments. 

She state this while appearing before the Senate ad-hoc committee on SURE-P, presided by the Deputy Senate Leader, Senator Abdul Ningi. 

Moreover, the minister explained that the $49.8bn, which the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, claimed was not in the federation account, was also intact.

According to her words, the total subsidy funds between February 2012 and September 2013 was N816bn.

She said N300bn out of the amount had been remitted to the SURE-P account at the federal level while N500bn was shared to the states and local governments within the period.

Okonjo – Iweala and the Senate Committee on SURE – P however disagreed over the formular used to arrive at the N15bn monthly remittances to the fund.

The committee queried the minister for remitting a flat rate every month to the SURE – P account when proceeds from petroleum sales are not stable from one month to another.

They also faulted the minister’ s disbursement of a whopping N500bn to states and local governments and attributed the development to the reason why the programme failed to meet the yearnings and aspiration of the masses.

However, Okonjo-Iweala asked the committee to invite specific government agencies which had failed to effectively implement the aspect of the programme which the members of the public might be complaining about.

The minister claimed that the programme had achieved its purpose in the areas of quality healthcare provision to children, pregnant women and nursing mothers.

Source: Punch Nigeria