[size=13pt]FG sets up subsidy reinvestment board •Appoints Kolade as board chairman •Belgore to head FG’s negotiating team[/size]

PRESIDENT Goodluck Jonathan has set up a Subsidy Reinvestment and Empowerment Programme Board and appointed Dr Christopher Kolade as the chairman.

Similarly, he has named a high-powered committee headed by a former Chief Justice of Nigeria, Justice Alfa Belgore, to meet with the organised labour and all other stakeholders with a view to resolving issues that may arise from the removal of the subsidy on petrol.

The Kolade committee is to oversee and ensure the effective and timely implementation of projects to be funded with the savings accruing to the Federal Government from subsidy removal. Major-General Mamman Kontagora (retd) will serve as deputy chairman of the board.

According to a statement issued by the Special Adviser to the President on Media and Publicity, Dr Reuben Abati, the Subsidy Reinvestment and Empowerment Programme Board would also include two representatives of the National Assembly, two representatives of the organised labour, one representative of the National Union of Road Transport Workers (NURTW), one representative of the Nigeria Union of Journalists, one representative of Nigerian women groups, one representative of Nigerian youths, one representative of civil society organisations, 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 reputable individuals from the six geopolitical zones in the country, three of whom will be women.

It said the mandate of the board shall be to oversee the fund in the petroleum subsidy savings account, and the programmes specifically initiated to improve the quality of life of Nigerians in line with the transformation agenda of the president.

It added that the Board would 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.

Members of the committee to meet with the organised labour, civil society groups and other stakeholders are the chairman of the Governors’ Forum, Governor Rotimi Amaechi of Rivers State; Governor Mu’azu Aliyu of Niger State; Governor Peter Obi of Anambra State; Governor Adams Oshiomhole of Edo State and Governor Sule Lamido of Jigawa State.

The committee, which is expected to begin its work immediately, also includes the Minister of Finance and Coordinating Minister of the Economy, Mrs Ngozi Okonjo-Iweala; Minister of Petroleum Resources, Mrs Diezani Allison-Madueke; Minister of Labour and Productivity, Chief Emeka Wogu; Special Adviser to the President on Inter-party Affairs, Senator Ben Obi and Mrs Ngozi Olajemi.


Continue here: http://tribune.com.ng/index.php/front-page-news/33695-fg-sets-up-subsidy-reinvestment-board-appoints-kolade-as-board-chairman-belgore-to-head-fgs-negotiating-team

Is there any difference between this board and the illegal PTF set up during the military regime ?

~Bluetooth:


Is there any difference between this board and the illegal PTF set up during the military regime ?

na the same thing bro.

That makes Kolade another multi billionaire in the making.

All we ask for is 24hrs power and our own refineries, I believe it will change a lot instead of the subsidy removal,

SMH. I thought beaf was going to get that appointment.
BEAF, oops I mean GEJ keeps making all his guys billionaires. God abeg, give me divine connection too

Kolade is not new to dirty jobs in government, am sure he will do their hatchet job well

I think he was the chairman of Cadbury when they were cooking their books which led to the sacking of the then Cadbury  Managing Director/CEO, Bunmi Oni, and the Finance Director.

I have no problem with subsidy removal, but I don't trust a PDP government to make any positive change with the removal.

Corruption recycled.

Another group of rubers see how they wan use de subsidy money
God help me, image me wen e dey buy 15 t0 30 litter's of fuel nor feet buy again

SMH. I thought beaf was going to get that appointment. 
BEAF, oops I mean GEJ keeps making all his guys billionaires. God abeg, give me divine connection too

That makes Kolade another multi billionaire in the making.

Do Nigerians seem hopeless? Now the fund is not going to lie within the presidency yet people cry foul. This means no matter who control funds in Nigeria, whether youth, women, children, justices or witches and wizard, nothing will change.

The No one has moral right to query the system because u don't even trust yourself to deliver.

ALL THE MEMBERS OF THE COMMITTE ARE ALSO MEMBER OF THE CABALS. THE HOPE OF THE MASSES LIES IN THE HAND OF THE MASSES AAND NOT SOME USELESS THEARTERIANS

Kolades and co beware of bribe cos awuff dey run bele o

Another 'CHOP-BOARD'.

Cheap old fool, a FRAUDSTER of high repute. He squandered the resources of Cadbury. A rogue that wines & dines with Obasanjo. He is here, just like Arisekola, did for Abacha, to do Jonathan's dirty job. Cos of money, money, & money. Smh, Him & his co-cohorts should emulate Achebe's path of HONOR. Shameless folls, whatever that will bring money is good. He will not advise Jonathan to do the right thing.

Abacha's idea in the wrong hands. The success of PTF was mainly because of Buhari's incorruptible nature.

Which savings are they talking about,. 2012 budget already allocated how all funds expected within the fiscal year would be spent. Since no provision was made for subsidy in 2012 budget.
Someone please tell where the savings they are talking about would come from. Only savings possible maybe from Jan 1 to March 31 2012 if it is true that budget cycle ends by March 31.  Is that what they are forming committee for, to implement usage?
Also, constitutionally all monies must go into federation acct and must be shared by all tiers of govt, who is deceiving who.

This is another deceit in the making, just as they did with April fool date during debate for commencement of subsidy removal. If they are really sincere, why not form this committee before removing the so called subsidy. Even Abacha formed PTF before fuel prize increase.

Anyway Nigeria deserved whatever, the shoeless presidoo with fresh air did to them. Carry Go Jona-Sambo

What de Bleep is wrong with these nigerian leaders. They are so bereft of ideas. Imagine, they cant even tell lies that would convince the masses. Now, they are going about setting up commitees whose only interest would be to award juicy contracts to themselves. Removing subsidies would not stop the cabals from gettting rich, it would only equate to ripping their profits from the masses instead of the government so called subsidy coffers. Until, this god forsaken party called PDP is uprooted, i doubt nigeria would experience any advancement. PDP is the curse plauging nigeria.

I do not know much about this man appointed as chairman, but I remember when he was appointed the ambassador to the Nigerian Embassy in London;he made radical changes to the embassy services to the point that it was no longer looking like a Nigerian embassy. Immediately he left the embassy everything went downhill.

Why shld I trust this govt wt anything. Wat did this govt do wt dia oil reseve, all a sudden it is broke. Now a committe has been set up, hmm trying to convice us that we can trust him, hahaha. If the subsidy money cud double wat was budgeted without any explanation, what stops this committe to say thr subsidy money they have is 600bn naira instead of a trillion, WHO go ask them.
U havnt dealt with corruption and u want transformation. ALL is WELL

Do these people think we don't think? Which money are they going to reinvest? The one they didn't provide for in the 2012 budget? Where will the funds come from? Definitely not from the N141 cos nothing goes to FGFG from that. Bunch of useless fools.

Remii:

Which savings are they talking about,. 2012 budget already allocated how all funds expected within the fiscal year would be spent. Since no provision was made for subsidy in 2012 budget.
Someone please tell where the savings they are talking about would come from. Only savings possible maybe from Jan 1 to March 31 2012 if it is true that budget cycle ends by March 31.  Is that what they are forming committee for, to implement usage?
Also, constitutionally all monies must go into federation acct and must be shared by all tiers of govt, who is deceiving who.

This is another deceit in the making, just as they did with April fool date during debate for commencement of subsidy removal. If they are really sincere, why not form this committee before removing the so called subsidy. Even Abacha formed PTF before fuel prize increase.

Anyway Nigeria deserved whatever, the shoeless presidoo with fresh air did to them. Carry Go Jona-Sambo

Thank you! Its either they are deceiving the gullible people as usual or they are not telling us the whole story. The decree that established PTF under Abacha ensured that a percentage of oil proceed went into PTF account. I honestly don't know which fund SURE Board want to supervise.

Just another added cost to already over-bloated cost government - Another waste of time and resources at the expense of Nigerian masses.

Is Goodluck dim enough to think nigerians still fall bulls.hit like this

Who killed Melford Okilo?

Where were the likes of Buhari and Pat Utomi when selections were made? God help Nigeria

Another chop I chop man

Which subsidy are we talking abt? As long as 2012 budget is concerned there is no subsidy re-investment budget.
GEJ is a big fool. He should return the PMS subsidy and make sure that the capital projects budget provisions should be made available to this team to deliver on 90% refinery functionality and constant power in 18months, Afterwards, take d damn subsidy.
I repeat , GEJ's mindset belong to d gutters and he's going down; an average nigerian is smarter than this

If we start protesting, striking etc and the police start detainng and shooting people, IMF and the West will denounce GEJ and he will be more confused.

What Nairalanders need to do is form a forum with a face or faces.
Contact Reuben Abati or someone close to GEJ to help us get an appointment with him.
At the meeting with GEJ, we tell him to return to 65 naira the cost of petrol
Fix and build more refineries.

I promise you he will tell us he will do as we wish (and he might) and to top it all, we will leave Aso rock with transport money.

GEJ has no idea, ; he will whatever anybody tells him to do without thinking it through, so long as the person approaches him with a smile.

With all due respect, even if a board needs to be constituted (which is a matter I do not intend discussing to avoid derailing this thread  ), are there no young individuals with the right skills and experience to do this job? Why bring a septuagenarian?   Dr Kolade will turn 80 this year, surely he should take a bow.

wowo2:

If we start protesting, striking etc and the police start detainng and shooting people, IMF and the West will denounce GEJ and he will be more confused.

What Nairalanders need to do is form a forum with a face or faces.
Contact Reuben Abati or someone close to GEJ to help us get an appointment with him.
At the meeting with GEJ, we tell him to return to 65 naira the cost of petrol
Fix and build more refineries.

I promise you he will tell us he will do as we wish (and he might) and to top it all, we will leave Aso rock with transport money.

GEJ has no idea, ; he will whatever anybody tells him to do without thinking it through, so long as the person approaches him with a smile.

Lwkmd. . .I like your sense of humour.

Bas-tards!!!
They set up themselves to pocket more money and continue to deceive the illiterate masses they refused to educate. We Nigerians don't request a change cos if we do they we will continue with our protest until the (basic)necessary amenities is put in place . Electricity is zero to nothing, security is a no no , Education is for the middle class. They should build refineries, increase the minimum wage , give us 24 hours electricity, provide healthcare, security and eradicate corruption. I can't continue to pay tax in a country where I get nothing! A country where am harassed everyday by the men in black , a country where I spend above my salary to give my children the standard of Education the world requests, a country where I don't get clean water or good roads.
Jonathan or the person (people) controlling him and driving the country into a chaos I hope you all get prosecuted in the future by learned Nigerian youths who will not get enticed by your offers of bribe. Even if this generation is wiped out I hope the generation that will judge you will exhume your remains like they did in the old days of Rome and judge your bones . I don't believe in prayers or any gods to come and help us through this situation. The future is in our hands. This is  oppression and I personally will not take it. I don't know about you but I will continue to fight for the rights of myself and my children and my generations to come.I will continue walking from ikorodu  and will not stop until this revolution gets its gains.

This govt is just getting comical by d day;am surprised that any decent human being still associates wt dis deceit:they want to manage 'funds' frm d removal of fuel subsidy,ah ah,i laff in bayelsa.(1)There was no provision in d 2012 budget for proceeds frm subsidy removal (2) because it was mainly sourced(if it trully existed in d 1st place) frm borrowings (3)what d govt will only achieve,assuming all we av bn told is true,is to stop borrowing& putting d country in more debt (4)there is thus no extra money anywhere to b used in carrying out any phantom project(s) (5)Kolade& others in dat committee must b fools& fraudsters if they accept this appointments based on savings to b found only in GEJ's dreams

the venality and decay, the putrefaction and pillaging, the dehumanizing and zombification, the derobing and public gang raping of this promised but debauched land called nigeria. overseen by this hapless, clueless, utterly corrupt, inept, ill educated 'phd' holder, pathological liar masquerading as a head of state, with his wife as his deputy, along with his cohorts engaged in wanton pilferage and plundering of nigeria and poor nigerian masses, cannot be allowed to go on for much longer. if it does, there will be no country left save. arise nigerians, and take your country in your hands, your destiny is in your hands. the fat yellow bellied criminals masquerading as lawmakers and leaders, are instruments of the devil bent on your destruction