the Subsidy Reinvestment and Empowerment Programme.
The amount was spent within the first 18 months of the programme,
covering January 2012 to July this year.
The figure is contained in the Medium Term Expenditure Framework and
Fiscal Strategy Paper of the federal government covering the 2014-2016
fiscal periods.
A copy of the document was obtained by our correspondent in Abuja.
SURE-P was set up in January 2012 following the controversy that
trailed the partial removal of fuel subsidy.
The government had in a bid to alleviate the suffering of Nigerians
following the removal of fuel subsidy said the savings from the
removal would be efficiently managed in the area of safety nets.
In order to maximize the oil wealth of Nigeria, the country saw the
emergence of a fiscal formula for the sharing of the national
petroleum products subsidy savings.
The formula required the Federal Government to warehouse 41 per cent
of the subsidy savings while the State and Local Governments share 54
per cent.
According to the MTEF, the government in 2012 provided N180bn for
social safety net and infrastructure development programmes under the
SURE-P window.
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