Recall that the Governor of the Central Bank of Nigeria, Mallam Lamido Sanusi, had alleged that $49.8bn, was not in the federation account. According to the minister, N300bn out of the amount had been remitted to the SURE-P account at the federal level while N500bn was shared to the states and local governments within the period.
But appearing before the Senate ad-hoc committee on SURE-P Tuesday, the minister said the $49.8bn was intact and the total subsidy funds between February 2012 and September 2013 was N816bn.
Okonjo – Iweala and the Senate Committee on SURE – P however disagreed over the formular used to arrive at the N15bn monthly remittances to the fund.
The minister was queried by the committee for remitting a flat rate every month to the SURE – P account when proceeds from petroleum sales are not stable from one month to another.
They also faulted the minister’ s disbursement of a whopping N500bn to states and local governments and attributed the development to the reason why the programme failed to meet the yearnings and aspiration of the masses.