NASSAU, BAHAMAS: The apparent removal of more than $265 million from The Bahamas’ National Investment Fund has sparked fresh questions about fiscal transparency and the management of public assets, with the Official Opposition calling for a full accounting after government reports showed the Fund’s balance plunged to just $200,000 within three months.
In a letter dated August 6, 2026, to Minister of Economic Affairs and Finance Michael Halkitis, Opposition Leader Michael Pintard called for an “immediate and comprehensive explanation” regarding what he described as the depletion of more than $265 million from the National Investment Fund (NIF) and the “conspicuous absence of any meaningful public information concerning the governance, management, operation and legal administration of the Fund.”
According to the letter, the Government’s Statement of Budgetary Performance for the third quarter of fiscal year 2025/26 showed the National Investment Fund held a balance of $265.3 million at the end of December 2025. However, financial statements for the three months ending March 2026 indicated the balance had fallen to just $200,000, a reduction of approximately $265 million over the period.
Responding to questions surrounding the decline, Senator Latrae Rahming said in a statement posted to X on Thursday that he sought clarification directly from the Ministry of Finance following a media inquiry by journalist Neil Hartnell. According to Rahming, the Ministry advised that the funds were primarily used to support the Government’s Airport Infrastructure Programme, which he noted had already been publicly announced.
Rahming also pointed to the National Investment Funds Act, 2022, saying the legislation establishes the Fund’s governance and reporting framework, including a five-member Board of Governors with representation from the Central Bank of The Bahamas. He said the Act also requires reporting on the Fund’s financial position and any withdrawals.
“The Opposition should therefore await the publication of the Fund’s report, which will provide the appropriate accounting and details concerning the use of the Fund’s resources, rather than drawing conclusions ahead of the statutory reporting process,” Rahming said.
Pintard, however, argued that despite the significant reduction in the Fund’s balance, no formal public explanation has been provided detailing the legal authority under which the funds were disbursed, the specific purposes for which they were used, whether an audit has been conducted since the Fund’s inception, or the legal framework governing its administration. He called on the Government to disclose the destination of the funds and provide a full accounting of the transactions, maintaining that transparency and accountability are essential in the management of public assets.
