In January hundred of thousand of Nigerians took part in the biggest protest in history of African’s most populous nation, sparked by a hike in state-subsidized petroleum price, which was headed by Nigerian labor congress (NLC).The aftermath of removal of fuel subsidy gave birth to Subsidy Re-investment and Empowerment program(SURE-P).Imitated by Mr president. In the SURE program is based on the calculations that average crude oil price would be $90 USD per barrel. And that the total re-investible fund for the year will be about 1.134 billion. Out of this, the federal government will get 478.49 billion, the states will get about 416 billion, the local governments about 203 billion, the FCT 9.8 billion, and then 31.137 will be left for derivation, ecology stabilization fund.
So the SURE document deal essentially with the federal government’s share of the re-investible funds. Now it was also based on the principle that there would be full deregulation. But with the pump price of petrol being reduced from N141 per litre to N97 per litre it means that the re-investible funds that will be available to the government will be completely reduced. The document contain meaningful items that would bring development to the country, such as job opporturenites, poverty eradication, and provision of social animates to Nigerians. But the road block is that, Nigerian government are very good in making policies and project but in term of implementation they are very poor, from the return of civilian rule in 1999 several project have be iniated but only few has been executed.
The SURE program was designed by the giant international financial institution such as world bank and IMF, in every advice that these giant institution gave have are certain hiding agenda for economic and political exploitations. In the oil and gas industry, no one can told you the exact amount of crude that is exacted from our soil and how much Nigeria is getting per-day on the sale of oil and it related product, hence the federal government has already make an estimated, indeed a simple mathematics that everyone can do it, which I perceive it as an illusory!
As Nigerian and from opposition, but still have an iota of hope that these program would attain it goals because of the following reason,kolade’s committee that will managed the federal government share of funds saved from partial subsidy removal on fuel was inaugurated by Mr president on 13.feb.2012.And just around the same time, urban mass Transit was flagged off and it got a financial boost of several billion of naira as was reported by an official. Lastly the public works/women and youth empowerment program which not less than 300 000 jobs will generate was presented to the public in Abuja by Mr. President.
Diary would continue to follow and observe in the remaining three years of Mr President in office.
So the SURE document deal essentially with the federal government’s share of the re-investible funds. Now it was also based on the principle that there would be full deregulation. But with the pump price of petrol being reduced from N141 per litre to N97 per litre it means that the re-investible funds that will be available to the government will be completely reduced. The document contain meaningful items that would bring development to the country, such as job opporturenites, poverty eradication, and provision of social animates to Nigerians. But the road block is that, Nigerian government are very good in making policies and project but in term of implementation they are very poor, from the return of civilian rule in 1999 several project have be iniated but only few has been executed.
The SURE program was designed by the giant international financial institution such as world bank and IMF, in every advice that these giant institution gave have are certain hiding agenda for economic and political exploitations. In the oil and gas industry, no one can told you the exact amount of crude that is exacted from our soil and how much Nigeria is getting per-day on the sale of oil and it related product, hence the federal government has already make an estimated, indeed a simple mathematics that everyone can do it, which I perceive it as an illusory!
As Nigerian and from opposition, but still have an iota of hope that these program would attain it goals because of the following reason,kolade’s committee that will managed the federal government share of funds saved from partial subsidy removal on fuel was inaugurated by Mr president on 13.feb.2012.And just around the same time, urban mass Transit was flagged off and it got a financial boost of several billion of naira as was reported by an official. Lastly the public works/women and youth empowerment program which not less than 300 000 jobs will generate was presented to the public in Abuja by Mr. President.
Diary would continue to follow and observe in the remaining three years of Mr President in office.
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