How we will spend subsidy -FG •To share funds with states, Lgs •FG: N478bn; States: N411bn; LGs N203bn

IT appears that the Federal Government has concluded every plan to go ahead with the removal of oil subsidy next year as it released
a document on how to invest the proceeds from the scheme.
The Minister of Information, Mr Labaran Maku, said at a media parley in Lagos, on Monday, that a Board of Trustees would soon be constituted by President Goodluck Jonathan to comprise persons of proven integrity to oversee the implementation of projects to be funded with the money.
According to him, a robust programme structure has been developed to ensure adequate oversight, accountability and implementation of various projects. He said: “The entire project will be overseen by a board, which will include a member of the media, while consulting firms with international reputation will be appointed to provide technical assistance to the board in financial and project management.”
Maku explained that an independent body would be responsible for monitoring and evaluating the implementation and would report directly to the board.
The document, which has as its title, “Subsidy reinvestment and empowerment programme (SURE programme),” puts the total projected subsidy re-investible funds per annum at N1.134 trillion based on average crude oil price of US$90 per barrel.
Out of this, N478.49 billion is accrued to the Federal Government; N411.03 billion to state governments; N203.23 billion to local governments; N9.86 billion to the Federal Capital Territory (FCT) and N31.37 billion as transfers to derivation and ecology, development of natural resources and stabilisation.
Maku said while state and local governments were expected to design their own programmes by utilising their portions of the subsidy reinvestment funds, the Federal Government had decided to channel its own share of the resources into a combination of programmes to stimulate the economy and alleviate poverty through critical infrastructure and safety net projects.
The minister stated that to transform the economy in line with the Vision 20:2020 objectives, critical infrastructure projects in the power, roads, transportation, water and downstream petroleum sectors would be executed.
According to him, the projects on road have been divided into various sections, which include East-West sections that comprise the Warri-Kalama (87km); Port Harcourt–Ahoada (47km); Ahoada-Kaima (54km); East-West Road (99km) with all of them put at 338km.
He also spoke on the Abuja-Abaji-Lokoja dual carriageway (200km); Benin-Ore-Sagamu dual carriageway (295km); Onitsha-Enugu-Port Harcourt dual carriageway (317 km); Kano-Maiduguri dual carriageway (510km); construction of Oweto Bridge (2km); construction of 2nd Niger Bridge (2km), totalling 1,326km.
On railway projects, Maku mentioned the Lagos-Ibadan Standard Gauge (dual) (174km); Abuja-Kaduna Standard Gauge (187km); Port Harcourt-Umuahia-Enugu-Markurdi-Lafia-Kuru-Kafancahan-Jos-Bauchi-Gombe-Maiduguri (2, 119km); Zaria-Funtua-Gusau-Kaura Namoda (221km); Lagos-Ibadan-Ilorin-Jebba-Minna-Kaduna-Zaria-Kano (1,124km) and Abuja light rail project (52km, all put at 3,877km.
While reiterating the commitment of the government to accountably fund the projects, the minister added that every component of the national developmental programme to be financed from the subsidy’s proceeds would be implemented in the next three to four years.
On power, Maku said that the target of the Federal Government was to improve generation capacity through hydro and coal power plants.
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