Following
the decision of the Federal Government to suspend the complete
deregulation of the downstream sector of the petroleum industry, the
amount initially expected to be raised for the Subsidy Reinvestment and
Empowerment Programme has dropped sharply from N1.134tn to N426bn.
The Minister of State for Finance, Dr. Yerima Ngama,
disclosed this while briefing State House correspondents on the outcome
of the National Economic Council meeting on Monday.
The NEC consists of the vice-president, who is the
chairman of the council; the 36 state governors; Governor, Central Bank
of Nigeria, as well as the ministers of Finance, National Planning and
the Federal Capital Territory, among others.
Ngama said as a result of the drop in the expected
fund because of the partial removal of subsidy, only N180bn would accrue
to the Federal Government instead of the initial expected sum of N478bn
as its share of the proceeds of subsidy.
This, he said, necessitated the review of the SURE programme so that it could be implemented within available resources.
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