John Ameh, AbujaThe Speaker of the House of Representatives, Mr. Yakubu Dogara, on Thursday disclosed how the Federal Government, states and private organisations allegedly diverted N320bn from the Natural Resources Fund over the years. Former President Olusegun Obasanjo had, through an Executive Order, created the fund in 2002 for the purpose of developing the country’s natural resources. He noted, “I understand that most of the invitees seated here today are directly or indirectly involved in the utilisation of the Natural Resources Fund. “Available records show that over N320bn of the Natural Resources Fund was utilised as loans to the Federal Government of Nigeria; states; Ministries, Departments and Agencies; and in some cases, private firms, most times for matters unrelated to natural resources. “Countries less endowed with solid minerals, such as South Africa, have successfully sustained their economy through proceeds from the sector.

Source: Punch May 17, 2018 23:13 UTC