N701bn natural resource funds squandered – Senate

The chairman of the Senate Committee on Police Affairs, Senator Abu Ibrahim (APC, Katsina South) yesterday raised alarm that N701bn Natural Resource Funds have been misappropriated.

In a statement issued yesterday, Ibrahim said that the natural resource funds established in 2001 has provided under the Revenue Mobilisation and Fiscal Allocation Commission (RMFC) allocate 1.6 percent of the federation account for the development of alternative natural resources outside oil and gas.

He said the purpose of the fund is to provide possibility for every part of the country, other than oil and gas, to benefit from the principle of derivation.

“It has been however, that discovered, since its inception, the fund was never appropriately utilized for the purpose it was established. For example, it has been discovered that out of the total amount of N873,400,023,790.19, which accrued to the fund between 2002 and 2012, the sum of N701,489,494,960.19 was allegedly paid out from the accounts for programmes and projects that have little or no relevance to natural resources development,” he said.

He said in 2012 the senate, while acting on his motion, ordered the public accounts committee to investigate the funds, stressing that the report of the committee has shown clearly how the account of the fund was misapplied.

He called on President Muhammadu Buhari to investigate thoroughly what has happened to the fund’s account between 2012 to date with a view to determining appropriately the exact position of the fund.