Nigeria’s House of Representatives has approved a bill for the extension of the capital component of the 2023 Appropriation Act until March 31, 2024. Simultaneously, the House amended the Supplementary Appropriation Act, extending its implementation deadline to March 31, 2024. The bill, known as the Supplementary Appropriation Act, 2022 (Amendment) Bill, 2023, received the green light during the Committee of Supply.
In presenting the report, Hon. Julius Ihonvbere, the Majority Leader of the House, outlined that the bill aims to amend the Appropriation Act, allowing its validity to extend from December 31, 2023, to March 2024. This extension is intended to enable the government to operate within legal provisions for the expenditure of governance and infrastructural development on behalf of the Nigerian people.
During the Committee of Supply, lawmakers voted on Clauses 1 to 3 of the report, unanimously supporting the bill. Additionally, the House resolved to investigate the utilisation of financial interventions in the Nigerian Solid Mineral sector. The investigation will also address allegations of the diversion of over N1.2 trillion from the fund during previous administrations.
The motion to conduct the investigation, sponsored by Hon. Awaji-Inombek Abiante, highlighted concerns about the misappropriation of funds in the National Resources Development Fund. The fund, established in 2002 to diversify resources and reduce petroleum reliance, has seen trillions deposited, but the actual allocation for the solid minerals sector remains unclear.
The House is alarmed by financial records from 2007 to 2011, revealing misappropriation of N365 billion in fund allocations. The audit report indicates that fund proceeds were used as a borrowing purse by the Federal Government from 2012 to 2016.
The investigation will cover various aspects, including the alleged diversion of funds, exploration operations, the formalisation of artisanal mining, and financial interventions from 2013 to 2023. The Committee on Solid Minerals Development has been tasked with conducting the investigation and reporting back within four weeks for further legislative action.