The Mystery Legal Advice Surrounding The National Investment Fund (NIF) of The Bahamas

The National Investment Fund (NIF) and Political Accountability in The Bahamas

THE NIF AND THE MYSTERY LEGAL ADVICE 

By Marlon Johnson

Nassau, N.P., The Bahamas

The Bahamas Government: We relied on legal advice to move $700 million to an account we decided to label as a NIF account even though the NIF wasn't fully set up and the NIF Board itself didn't authorize the account.

Also, that legal advice also allowed us to spend hundreds of millions of dollars of this money that Parliament had approved to be borrowed ONLY for the use of the NIF - even though the NIF was not operational and had no say in how the money was used.

The Public Accounts Committee (PAC): So what was that legal advice that allowed you to use money Parliament had approved solely for the NIF without the authorization and input of the NIF itself? 

The Bahamas Government: Don't be silly.  That is of course a secret!

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The Bahamas government's defense of its actions regarding the NIF is that it followed legal advice.

But conveniently that advice can't be disclosed to the public. 

Fascinating.

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The Bahamas: What happened to the National Investment Fund (NIF) Money

Bahamian Politics - The Bahamas: $1,000,000,000.00 - One Billion Dollars demand a full audit

No full accounting and accountability of $1,000,000,000.00 - One Billion Dollars of the National Investment Fund (NIF) of The Bahamas

By Lynden Nairn

Nassau, N.P., The Bahamas

Sadly, the Bahamian people are being forced to dig for answers to basic questions about their own money.  Little has been provided.  But this is what we know:

1.  In 2025, Parliament authorized the Government to borrow up to $300 million and deposit the proceeds into the National Investment Fund (NIF).

2.  In 2026, the Government told the Bahamian people that a further $700 million in excess borrowing proceeds had been transferred to the NIF.

That puts $1 BILLION (not just $700 million) at the centre of the NIF discussion.

3.  When finally pressed to explain what happened to NIF money, the Government said that $310.9 million had been spent to date.

So what does that mean?

First: The Government has still not provided a clear reconciliation explaining what happened to the remaining $689.1 million of the $1 billion it said was destined for or transferred to the NIF.

Second: Even for the $310.9 million it says was spent, the Government has not provided the Bahamian people with a full, transaction-by-transaction accounting showing precisely where the money went, when it was spent, who received it, who authorized it, and under what authority each expenditure was made.

The Bahamian people must NOT accept a two-sentence description of the expenditure of $310.9 million as a sufficient accounting.

This is public money.

Therefore, as far as I am concerned, the Government of The Bahamas has a very simple obligation:

FULLY RECONCILE THE $1 BILLION.

Tell the Bahamian people:

- Where did the money go?

- Who received it?

- When was it spent or transferred?

- Who authorized it?

- And under what legal and parliamentary authority was it done?

Those are not complicated questions.

$1 BILLION demands a full accounting.

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The National Investment Fund (NIF) and Young Bahamians Lack of Trust in The Bahamas Political System and Bahamian Politics

The National Investment Fund (NIF) and Recklessly Careless Politicans in The Bahamas

By Tevin R. Bannister

This National Investment Fund issue clearly demonstrates why so many young Bahamians have no more faith in our political system nor its leaders.

Halkitis, in his budget communication in May 2026 said that the government borrowed $2.5 billion and said they used $1.8 billion on debt repayment, and the balance ($700 million) sent to the National Investment Fund (NIF).

OPM Comms Director, Latrae Rahming comes on National television and tells the Bahamian public that the $700 million figure "conflates" the issue and "muddys" the water. But this is the EXACT figure that the Minister of Finance stood up in parliament and told the public.

Even more insulting is the fact that Halkitis said that the government acted on the advice of the Attorney General and they acted on the basis of another piece of legislation, when the National Investment Fund is governed by its OWN legislation (National Investment Funds Act 2022) so why have legislation/regulations and dont use them??

International financial agencies have already said its "mind boggling" the way we manage our finances in The Bahamas. Putting politics aside, we must be very careful to safeguard our International financial reputation.

The minister and the comms director are clearly out of step on this issue, and it raises the question, did the Minister lie to Parliament (the people) ?

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