Senate Committee on Police Affairs has urged the Federal Government to urgently commence thorough investigation into the alleged diversion of the N873.4 billion Natural Resources Fund, which it said had accrued to the Fund since it was established in 2001, by the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC).
In a statement issued on Wednesday, chairman of the committee, Abu Ibrahim, explained that the Natural Resources Fund made provision for 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 was to provide possibility for every part of the country, order than oil and gas, to benefit from the principle of derivation.
According to him, “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 senator also said in 2012 the Senate ordered the Public Accounts Committee to investigate the Funds, stressing that the report of the committee had shown clearly how the account of the Fund was misapplied.
He therefore called on President Mohammadu Buhari to investigate thoroughly what happened to the fund from 2012 till date with a view to appropriately determining the exact position of the Fund.
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