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Monday, 22 December 2014

Petroleum Trust Fund Vs SURE-P.

Petroleum Trust Fund (PTF): was established by Decree 1 of 1995, by General Abacha as a result of complaints following the increase on pet... thumbnail 1 summary
Petroleum Trust Fund (PTF): was established by Decree 1 of 1995, by General Abacha as a result of complaints following the increase on petroleum prices then. The idea was to use the proceeds from the fuel price increase for the benefit of Nigerians. Gen Abacha begged Buhari to become the Chairman. PTF became a success story and a household name. It has been largely claimed that PTF did more (roads, infrastructure etc), in three years than what PDP did in 12 years.

Subsidy Reinvestment and Empowerment Programme (SURE-P): In January 2012, the government of President Goodluck Jonathan announced the removal of petroleum subsidy. On February 13, 2012 President Goodluck Jonathan announced the establishment of SURE-P, specifically to use the fuel subsidy savings to deliver service with integrity to the Nigerians. Its first Chairman was Dr. Christopher Kolade, who has since resigned. He said President Goodluck Jonathan was not a good leader.

PTF’s annual accounts were audited yearly and made public by external auditors Messrs KPMG. Obasanjo probed PTF but found nothing. Not sure if SURE-P’s accounts have been audited by external auditors, talk less of making it public. Feel free to use the Freedom of Information Act, to request the audited accounts of PTF from KPMG. Also try SURE-P with such request.

Please could SURE-P present their scorecard (projects executed, contract costs, total revenue derived, external audited accounts etc) to Nigerians, so people can compare and contrast with PTF.

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C.V.Akuta
UK
22/12/14.

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