Chairman of the House of Representatives Committee on National Security and Intelligence, Ahmed Satomi Tuesday said the nation needs a National Security and Intelligence Trust Fund to tackle security challenges having the country.
Satomi, who disclosed this at the public hearing on the bill for the establishment of the fund said that the current funding system is inadequate.
He said that the bill aims to provide alternative funding for the country’s intelligence agencies, reducing their dependence on budgetary allocations.
The lawmaker 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 organisations, and civil society groups. The board will oversee the management of the trust fund, ensuring transparency and accountability”.
According to him, 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.
