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Akwa Ibom, Delta, Rivers, Bayelsa get lion’s share of fuel subsidy savings shared in June

By News Express on 10/07/2013

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Nigeria’s four leading oil producing states – Akwa Ibom, Delta, Rivers, and Bayelsa – received the lion’s share of fuel subsidy savings for the month of May shared last month by the various tiers of government.

Figures released by the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, through the Office of the Accountant-General of the Federation, showed that Akwa Ibom received N1,565,160,374.43, Delta N1,269,765,701.70, Rivers N1,198,272,582.94 and Bayelsa N1,063,111,021.91. In all, the 36 shared N12,885,318,165.66 from the Federal Account Allocation Committee (FAAC).

The Federal Government got N15 billion, in addition to getting N309,278,350.52 for Derivation & Ecology and another N519,587,628.87 for Development of Natural Resources. The sum of N154,639,175.26 was set aside for the Stabilisation Account while the Federal Capital Territory (FCT) received N309,278,350.52 and local governments throughout the country shared 6,371,134,020.62. In all, N35,549,235,691.43 was shared by the three tiers of government.

“The Subsidy Savings for the month of May 2013 is based on benchmark of $90/barrel and at partial subsidy phase out of N97 per litre,” Okonjo-Iweala disclosed. She said the figures were being released to the public because “at the inception of the Subsidy Reinvestment and Empowerment Programme (SURE-P), the Jonathan administration made a solemn commitment to the transparent and accountable implementation of the programme.”  

Details of what each state and local government received could be viewed on News Express’ Home Page and under the Photo Gallery.

Source News Express

Posted 10/07/2013 1:10:24 PM


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