N544bn: FG Diverted Resources Fund To INEC, Military— NEITI - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Publisher (F.BA)
October 2, 2019
The Nigeria Extractive Industries and TransparencyInitiative NEITI has said that the Federal Government diverted 543.63 billionnaira for Natural Resources Development to fund the Independent NationalElectoral Commission and budget deficit.
The diverted 543.63 billion naira was also used tofund budget deficits, national security, and Nigeria Armed Forces, amongothers.
It was learnt that 543.63 billion was released forvarious projects from the fund between 2012 and 2016 but a bulk of this amountwas used to fund other sectors as opposed to the original purpose ofestablishing the fund.
Figures obtained from the latest Fiscal Allocationand Statutory Disbursement Audit 2012-2016 of the Nigeria Extractive Industriesand Transparency Initiative also showed that the disbursement from the naturalresources fund outstripped inflows by 11 per cent.