Reps Probe Natural Resources Development Fund utilisation

The House of Representatives has mandated its Committee on  Solid  Minerals  Development to investigate the  Natural Resources Development Fund and the utilisation of all financial interventions from 2013-2023. The committee is to report back within four weeks for further legislative action. The directive followed the adoption of a motion moved by Rep. Awaji-Inombek Abiante at […]

The House of Representatives has mandated its Committee on  Solid  Minerals  Development to investigate the  Natural Resources Development Fund and the utilisation of all financial interventions from 2013-2023.

The committee is to report back within four weeks for further legislative action.

The directive followed the adoption of a motion moved by Rep. Awaji-Inombek Abiante at the Plenary on Thursday.

Presenting the motion, he said the National Resources Development Fund was established in 2002 to diversify resources and reduce petroleum reliance, using revenue sources such as excess crude oil allocation, exchange gain, non-oil revenue, contractual obligations, and refunds.

• Remi Tinubu flags off distribution of N950m to 250 vulnerable elders
• Man accuses in-laws of spending ‘lost and found hard currency’

According to him, between 2002 and the present, trillions of naira have been deposited into the fund, but the actual allocation for the solid minerals sector remains unclear.

Rep. Abiante added that financial records from 2007 to 2011 revealed an alleged misappropriation of N365 billion in fund allocations.