SURE: FG deducts N36bn from Fed Acct

Federal Government has said that the proposed subsidy savings for the implementation of its Subsidy Reinvestment and Empowerment Programme (SURE-P) for the month of February is N35.5 billion.This was contained in a public notice titled 'Savings for Subsidy Reinvestment and Empowerment Programme, February 2012' and signed by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala.The notice did not explain how the savings are made. But it said that from the savings, Federal Government contribution is N16.2 billion, States N12.8 billion and Local Government Councils N6.3 billion.From the N16.2 billion, Federal Government's share is N15 billion, FGN share of derivation and ecology is N309.2 million, Federal Capital Territory N309.2 million, Stabilization Account N154.6 million and FGN share of development of natural resources N519.5 million.Contribution by states to the fund is: Abia, N207 million; Adamawa, N222.3 million; Akwa Ibom, N1.3 billion; Anambra, N224.6 million; Bauchi, N260.4 million; Bayelsa, N1 billion; Benue, N240.1 million; Borno, N264.9 million; Cross River, N243.1 million; Delta, N1.2 million and Ebonyi, N184.3 million.Others are Edo, N300.2 million; Ekiti, N185.9 million; Enugu, N209.7 million; Gombe, N197.2 million; Imo, N273.5 million; Jigawa, N246 million; Kaduna, N280.3 million; Kano, N351.4 million; Katsina, N267.2 million; Kebbi, N223.5 million, and Kogi, N222.9 million.Others are Kwara, N203.2 million; Lagos, N317.4 million; Nassarawa, N190.3 million; Niger, N260 million; Ogun, N217.3 million; Ondo, N382.8 million; Osun, N206.1 million; Oyo, N259.6 million; Plateau, N218 million; Rivers, N1.4 million; Sokoto, N231.8 million; Taraba,N219.6 million; Yobe, N217.9 million and Zamfara N218.6 million.Subsidy deductions have become a source of controversy between the Federal and the State governments with the state alleging that Federal Government is overdrawing from the Federation Account in the name of subsidy payment.Recently, Forum of Commissioners of Finance of Nigeria in a memo to the Governors' Forum alleged that Federal Government was overdrawing subsidy deductions by N78 billion monthly.
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