By Henry Umoru
ABUJA — PRESIDENT Goodluck Jonathan, yesterday, directed that the document on Subsidy Reinvestment and Empowerment Programme, SURE Programme, be withdrawn because as a government, it could not raise the amount indicated in the document with the current development.
Speaking at the 58th National Executive Committee, NEC, meeting of the Peoples Democratic Party, PDP, President Jonathan, who saw the document distributed to members of NEC and others in the hall, immediately asked that the document must not be circulated.
He said since there was no full deregulation, but an adjustment of pump price of Petrol, there was a need for a new one, adding that government will come up with a new one soon
According to the SURE document, the total projected subsidy reinvestible funds per annum is N1.134 trillion based on average crude oil price of US$90 per barrel. Of this, N478.49 billion accrues to 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 will be transfered to derivation and ecology, development of natural resources and stabilization funds.
He said: “As I came in I saw this SURE book being distributed, we are withdrawing it, this is the old one. We developed this with the expectation that we are going to completely deregulate the down stream of the oil industry, the 100 per cent removal of subsidy. You know we could not achieve that though there is increase in the pump price, so this has to be adjusted. I don’t want this thing to be distributed.
“It will give a wrong impression when we say that Jonathan’s government promised so and so. We are working on a new document based on reality.”