The Nigeria Extractive Industries and Transparency Initiative NEITI has said that the Federal Government diverted 543.63 billion naira for Natural Resources Development to fund the Independent National Electoral Commission and budget deficit.
The diverted 543.63 billion naira was also used to fund budget deficits, national security, and Nigeria Armed Forces, among others.
It was learnt that 543.63 billion was released for various projects from the fund between 2012 and 2016 but a bulk of this amount was used to fund other sectors as opposed to the original purpose of establishing the fund.
Figures obtained from the latest Fiscal Allocation and Statutory Disbursement Audit 2012-2016 of the Nigeria Extractive Industries and Transparency Initiative also showed that the disbursement from the natural resources fund outstripped inflows by 11 per cent.
