The Subsidy Reinvestment and Empowerment Programme (SURE-P) has failed Nigerians, Chairman of the Senate Committee on Rules and Business, Senator Ita Enang, has said.
Speaking to journalists in Abuja yesterday on the resolve of the Senate to debate the Petroleum Industry Bill next week, Enang said those in charge of the programme had failed to utilize the funds accruing from the partial removal of fuel subsidy to impact positively on the lives of Nigerians.
According to him, the funds ought to have been invested in the procurement of module refineries rather than allow the Nigerian National Corporation squander it all in the name of Turn Around Maintenance (TAM).
"The application and utilisation of the SURE-P funds has not been in the interest of the economy. What the SURE-P should have done with that money is that we would have told ourselves what were we subsidising, importation of refined petroleum products."
Enang said the Senate will commence consideration of the PIB on Tuesday, adding that it has been listed as exclusive item on the order paper.
According to him, "to ensure that the PIB to be passed into law is the authentic version, we've published it in the journal as a way of meeting the requirements of passing it into law".