The Speaker of the House of Representatives , Mr . Yakubu Dogara , on Thursday disclosed how the Federal Government , states and private organisations allegedly diverted N 320 bn 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.
Dogara spoke during the opening of a public hearing by the House Ad Hoc Committee on the Utilisation of N 350 bn Natural Resources Fund and Federal Government Investments , Proceeds and Leakages in Solid Minerals at the National Assembly.
The committee was chaired by a member of the All Progressives Congress from Adamawa State , Mr . Adamu Kamale .
The Speaker, who was represented by the Chief Whip of the House , Mr . Alhassan Ado- Doguwa , alleged that the Federal Government , states and private firms resorted to borrowing from the fund for other reasons , thereby defeating the aim of creating it.
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.