Grapevine reports have it that Senate said recently that the presidency blew N701.49 billion from the N873.4 billion which accrued to the National Resources Fund. The Upper chamber said the fund was created in 2002 without recourse to the National Assembly because there was no legislation backing it.

For 10 years since the account was in existence, the presidency has routinely withdrawn N701.49 billion from the secret account. The fund was reportedly set aside by the Presidency to facilitate the development of natural resources, but was allegedly diverted to cater for annual budget deficits and used as loans to some selected ministries, departments and agencies(MDAs).

These facts were revealed at a meeting of the senate committee on Public Accounts with the permanent secretary of the ministry of finance, Mr. Danlami Kifasi. The fund was allegedly established to receive 3 percent of accruals to the federation to help in the development of the natural resources other than oil and gas.

Hmmmmm....Nigeria!

But wait a minute...what particular President approved specific expenditures? I ask.