Senate uncovers N701.5b fraud

The upper legislative chamber on Wednesday uncovered how the sum of N701.5billion earmarked for Natural Resources Fund was misappropriated.

The Senate Committee on Public Accounts 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 N701,489,494,960.61 was allegedly paid out from the account for programmes and projects that have little or no relevance to natural resources development.

The Natural Resources Fund was established in 2001 by the Revenue Mobilisation and Fiscal Allocation Commission (RMFC).

Following a motion by the Chairman, Senate Committee on Police Affairs, Senator Abu Ibrahim, in 2012, the Senate mandated its committee on Public Accounts to investigate the Fund.

Senator Ibrahim (Katsina South) in a statement on Wednesday said that the report of the Public Accounts Committee showed clearly that the account of the Fund was misapplied.

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“We urge President Muhammadu Buhari to investigate thoroughly what has happened to the Fund’s account between 2012 to date with a view to appropriately determining the exact position of the Fund,”Ibrahim said.

“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.”

He added that “in 2012 the Senate, which acted on his sponsored motion, ordered the Public Accounts Committee to investigate the funds, stressing that the report of the committee has shown clearly how the account of the fund was misapplied.”

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