FG to reinvest N268b through SURE-P in 2014

The Federal Government plans to reinvest about N268 billion in various aspects of the economy in 2014, through the Subsidy Reinvestment Programme (SURE-P).
The Federal Ministry of Works is billed to take the lion’s share of N100 billion or 37.31 per cent of t he amount.
Another N68 billion or 25.37 per cent of the fund will also be channeled to social safety nets, particularly in such areas as maternal and child health; public works for youths; Graduate Internship Programme; and counterpart funds for HIV/AIDS; among others.

Besides the Ministry of Works, other Ministries, Departments and Agencies (MDAs) expected to benefit from the reinvestment in 2014 are: Ministry of Transport is to get N43 billion or 16.04 per cent, being allocation for the Lagos-Kano and Port Harcourt-Maiduguri railway; N30 billion or 11.19 per cent is earmarked for the Ministry of Niger-Delta as augmentation of East-West Road; and N23 billion allocation to the Federal Capital Territory Allocation; among other projects.
A total of N1.2 billion will be dedicated to the SURE-P board and consultancy services; followed by N2 billion for public enlightenment on SURE-P.
The fund would however be sourced from the expected inflow of N15 billion monthly from the Federation Accounts Allocation Committee (FAAC) for 12 months, amounting N180 billion, and an estimated unspent balance of N88.370billion from 2013.
At the end of last December, a total of N426.6 billion had been distributed among the three tiers of government under the SURE-P sub-head, based on the budgeted monthly provision of N35.55 billion credited to its account by the Federation Account Allocation Committee (FAAC).
The fund represents savings from the partial removal of subsidy on Premium Motor Spirit (PMS) since January 2012, and used for reinvestment in critical sectors of the economy as promised by the present administration.
Of the N426.6 billion, the Federal Government got N180 billion, representing a monthly allocation of N15 billion for the 12 months; while the balance of N246.6 billion was shared by the states and local governments.
This is just as the Federal government and the 36 states, as well as the 774 local governments and the Federal Capital Territory (FCT), have shared the sum of N35,549,235,691.43 being fuel subsidy savings for December 2013.
Figures released by the Office of the Accountant-General of the Federation showed that the Federal Government and FCT got N16,292,783,505.15; while the 36 states shared N12,885,318,165.66 and the local governments shared N6,371,134,020.62.
The biggest beneficiaries are Akwa Ibom, N1,762,542,033.58; Delta, N1,185,746,160.27; Rivers, N1,095,051,393.90; and Bayelsa, N1,051,984,034.75.