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'N500 billion SURE-P funds missing'

06 November 2013, 14:41

Abuja - The Senate has revealed that more than half of the fuel subsidy savings close to 500 billion raised by the federal government since 2012 may be missing, Punch reports.

The sum is derived from calculable amount that should have accrued to the government, as removed fuel subsidy funds since January 2012 till September 2013.

The government scrapped the subsidy it paid on each litre of petrol consumed in the country, claiming it was too expensive to sustain the programme and would prefer to redirect the savings to development.

After grounding public demonstrations greeted the decision, the government later retained a part of the subsidy while it removed about N32 per litre, raising petrol pump price by the same amount (from N65 to N97 per litre)

Senator Kabiru Marafa said N800 billion had been generated so far from subsidy, while the government has released only N300 billion for the SURE-P, and has provided no reason for the difference.

Read more at Punch


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