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Indicative that he might have made up his mind not to rescind the subsidy
removal, President Jonathan has appointed a committee to supervise what
the Presidency termed effective and timely of projects to be funded with
savings accruing from to the Federal government from subsidy removal.

According to a statement by Special Adviser to the President on Media
and Publicity, Dr Reuben Abati, the committee known as Subsidy
Reinvestment and Empowerment Programme Board has Dr Christopher
Kolade as chairman. A former Federal Capital Territory, FCT, Minister,
Major-General Mamman Kontagora (rtd.) will serve as Deputy Chairman of
the Board.

Other members of The Subsidy Reinvestment and Empowerment
Programme Board, according to Abati, are two representatives of the
National Assembly, two representatives of  organized labour, one
representative of the National Union of Road Transport Workers (NURTW),
one representative of the Nigerian Union of Journalists, one representative
of Nigerian Women Groups, one representative of Nigerian youth, one
representative of civil society organizations, the Coordinating Minister of
the Economy/Minister of Finance, the Minister of National Planning, the
Minister of Petroleum Resources, the Minister of State for Health, the
Special Adviser to the President on Technical Matters,  and six other
reputable individuals from the six geo-political zones in the country, three
of whom will be women.

The mandate of the Board shall be to oversee the Fund in the petroleum
subsidy savings account, and the programme specifically to improve the
quality of life of Nigerians in line with the Transformation agenda of Mr.
President.

The Board, he stated, will have the following responsibilities:

(a)  Determine in liaison with the Ministry of Finance and Ministry of
Petroleum Resources, the subsidy savings estimates for each preceding
month and ensure that such funds are transferred to the Funds’ Special
Account with the Central Bank of Nigeria

(b) Approve the annual work plans and cash budgets of the various Project
Implementation Units (PIUs) within the Ministries, Departments and
Agencies (MDAs) and ensure orderly disbursement of funds by the PIUs
in order to certify and execute projects;

(c)  Monitor and evaluate execution of the funded projects, including
periodic Poverty and Social Impact Analyses (PSIA)

(d) Update the President regularly on the programme;

(e)  Periodically brief the Executive Council of the Federation on the
progress of the programme;

(f)    Appoint consulting firms with international reputation to provide
technical assistance to the Board in financial and project management;

(g)  Appoint external auditors for the fund;

(h) Do such other things as are necessary or incidental to the objective of
the Fund or as may be assigned by the Federal Government;
President names Cttee to monitor subsidy
revenue
| More
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