Metro $49.8bn not Missing, N500bn SURE-P Fund was Shared between States, LGS - Okonjo- Iweala tells Senate

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Dr. Ngozi Okonjo-Iweala, Nigeria's Minister of Finance and the Coordinating Minister for the Economy, on Tuesday, told the Senate ad hoc committee on SURE-P that the $49.8 billion, which the Governor of the Central Bank of Nigeria (CBN), Mallam Lamido Sanusi, claimed was not in the Federation Account, was not missing.

The Minister also said that the N500 billion belonging to the Subsidy Reinvestment and Empowerment Programme (SURE-P) funds is not missing.

Okonjo-Iweala said "We got about N816 billion from February 2012 to December 2013. The Federal Government portion is managed by the SURE-P Committee. From the period February 2012, we (FG) got about N300 billion.

"The amount available for the Federal Government during the period that was in question was about N300 billion and the balance went to the states and local governments. As far as I am aware, there is no SURE-P money missing. There was a headline about a missing N500 billion for SURE-P.

"This is exactly the balance that goes to states and local governments. When it was said that N500 billion was missing, we said no money was missing because the balance of that money had gone to the states and local governments.

She urged members of the SURE-P committee to tell Nigerians how much money they received; how it was used and what are the programmes it is being used for.

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