Senate Uncovers Over N700bn Illegal Withdrawals From Natural Resources Fund [Leadership]

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The Senate Committee on Police Affairs has urged President Muhammadu Buhari to immediately investigate and prosecute of illegal withdrawals to the tune of N701, 489,494,960.61, from the Natural Resources Fund for purposes outside what the money was meant for, Leadership reports.

The monies, according to the chairman, Senate Committee on Police Affairs, Senator Abu Ibrahim, was withdrawn between 2002 and 2012, out of the total sum of N873,400,023,790.19 which accrued to the Fund within the same period

The Fund, established by the Revenue Mobilization Allocation and Fiscal Commission (RMAFC) in 2001, derives its funds from 1.68% of the Federation Account for the development of alternative natural resources outside oil and gas.

In a statement by his media aide, Gabriel Agbonika, the Senate committee chairman expressed dissatisfaction over the refusal of federal government to utilise the fund since 2001 for the purposes for which it was established, rather they were expended on contracts and programmes outside of its purview.

The statement reads in parts: “It has been discovered, however, that since its inception, the fund was never appropriately utilised for the purpose it was established.

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