The money, according to Senate Committee Chairman on Police Affairs, Abu Ibrahim, was withdrawn between 2002 and 2012, out of the total sum of N873,400,023,790.19 which accrued to the Fund within the same period.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 on Wednesday, 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.
“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, 489,494,960.61 was illegally paid put from the account for programmes/projects that have little or no relevance to natural resources development.
“In 2012 the Senate, which acted on my sponsored motion, mandated 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.
“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; therefore I am calling on President Muhammadu Buhari to investigate thoroughly what has happened to the fund’s account between 2012 to date, with a view to appropriately determine the exact position of the fund.”