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Senate panel urges Buhari to probe N873bn Natural Resources fund

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Buhari

Buhari

The Senate Committee on Police Affairs has urged the federal government to urgently commence thorough investigation into the alleged diversion of the N873, 400,023,790 natural resources funds, which it said had accrued to the Funds since the it was established in 2001 by the Revenue Mobilisation and Fiscal Allocation Commission (RMFC).

In a statement issued yesterday by the chairman of the committee, Abu Ibrahim, it was explained that the natural resources funds made provision for 1.6 per cent of the federation account for the development of alternative natural resources outside oil and gas.

He added that 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.

According to him, “It has been discovered, however, that since its inception, the fund was never appropriately utilized for the purpose it was established.


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