Introduction
The accountability for the proceeds from the sale of state assets as well as dividends paid by state-owned/controlled companies has been the subject of fierce ongoing public debate among politicians and civil society. Some argue these are public funds which should be paid over to the Consolidated Fund. Others contend that there is no requirement by National Industrial and Commercial Investments Limited (NICIL) to pay over such funds since the company is a private one and its incorporation documents make no mention of transfer to the Consolidated Fund. The other issue relates to the incurrence of expenditure out of these proceeds without Parliamentary approval.
This article takes a closer look at the requirements of the Consolidated Fund to assist the general public to have a
