The Red Chamber said the funds were withdrawn between 2004 and 2015 contrary to the established objectives of the fund.
The Office of the Accountant General of the Federation illegally withdrew N665.8billion from the Development of Natural Resources Fund and Stabilization Funds and given as loans to various government agencies, the Senate has said.The revelation is contained in the report of Senate Committee on Public Accounts on the Federation Account.
The panel presented the report of its six-month investigation on the Federation Account for the year 2015, which was approved by the Red Chamber before proceeding on annual recess. “The purpose of the Development of Natural Resources Fund is to provide financial resources to develop alternative mineral resources to oil and gas.
“The purpose of the Stabilization Fund is to provide for unforeseen contingencies and economic downturn and the beneficiaries are the 36 states and Federal Capital Territory . The stabilization fund belongs to three tiers of government.”
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