Senator Abu Ibrahim
Senator Abu Ibrahim

The sum of N701 billion has been reportedly misappropriated at the Natural Resource Funds (NRF). This was revealed yesterday by Senator Abu Ibrahim, chairman of the Senate Committee on Police Affairs. The NRF was established in 2001 and received 1.6 percent allocation from the Federation Account for the development of alternative natural resources outside the oil and gas.

According to Ibrahim, “it has been discovered, however, that 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.”

The alleged misappropriation came to light following the investigation of the books of the NRF from 2002 to 2012 by the Senate Public Accounts Committee. Ibrahim said that President Muhammadu Buhari should investigate the management of the fund thoroughly to determining appropriately its exact position.

By Dike Onwuamaeze

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