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$5bn not missing from Excess Crude Account - FG •Says money shared among 3 tiers of govt, Rivers got N56bn

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THE Federal Governmemt has denied media reports that N500 billion is missing from SURE-P funds, clarifying that N500 billion that  was shared to states and local governments is the amount that is wrongly described as missing.

In a statement signed by the Special Adviser to Minister of Finance, Mr Paul Nwabuikp  the minister explained that  “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,” adding 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,” the statement said.

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