The House of Representatives Committee on National Security and intelligence has proposed the establishment of a National Security and Intelligence Trust Fund to provide alternative funding for security agencies in Nigeria.
The chairman of the Committee on National Security and Intelligence, Mr. Ahmed Satomi, made the disclosure at a public hearing on “A bill for an act to establish Nigeria security and intelligence trust fund to provide funding for security related issues apart from usual budgetary Provisions from the federation, intervene in Combating security issues in Nigeria and for related matters,” held in Abuja.
He said that all requirements have been met for the bill to pass third reading and eventual Assent by president Bola Ahmed Tinubu.
He also said that the fund will mark a significant step towards addressing Nigeria’s security challenges
He noted that the bill aims to provide alternative funding for the country’s intelligence agencies, reducing their dependence on budgetary allocations.
Mr. Sotomi, who is also the sponsor of the bill, said that the current funding system is inadequate, citing the example of California University’s $100 billion budget, with 30% allocated to research and development, adding that Nigeria’s security budget is significantly lower, despite the country’s larger population.
He further explained that the proposed trust fund will be financed through various channels, including: 1% of the consolidated revenue from the federation accounts, donations and gifts (although some stakeholders have suggested removing this option to prevent potential corruption), Airspace money generated from Nigeria’s airspace, unclaimed funds (although this option is still being debated due to constitutional constraints).
“The bill’s proponents argue that alternative funding is essential to address the country’s security challenges, which cannot be solved solely through kinetic operations. They emphasize the need for a more holistic approach, incorporating intelligence gathering, training, and capacity building.
“To address concerns about corruption and mismanagement, the bill proposes a board comprising representatives from various security agencies, paramilitary organizations, and civil society groups. The board will oversee the management of the trust fund, ensuring transparency and accountability,” Mr. Sotomi.
He maintained that alternative funding is crucial to addressing Nigeria’s security challenges.
With 90% of submissions received during the public hearing supporting the bill, it is clear that there is a strong desire for change.
Stakeholders at the hearing were optimistic that it would go a long way in building security funding gaps.
Lateefah Ibrahim
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