FNM Leader Doubles Down on Calls for Clarity Over Removal of $265M to Fund Airport Work

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NASSAU , BAHAMAS – What happened to more than 200 million dollars that was once sitting in the National Investment Fund?

That’s the question sparking a new political battle, with the government saying the money was used to help finance airport upgrades, while the opposition argues there are still too many unanswered questions.

Michael Pintard says the opposition does not accept the government’s explanation.

Michael Pintard – Leader, Free National Movement

“We do not buy the government’s explanation. The reality is the NIF, the National Investment Fund, much like a sovereign wealth fund, has very specific rules. In this case, the rules are that the government must appoint a board.”

Pintard’s comments come a day after he wrote a six-page letter to Finance Minister Michael Halkitis inquiring about the depletion of the fund.

The controversy stems from government financial reports showing the fund’s balance dropped from 265.3 million dollars at the end of December 2025 to just 200 thousand dollars by the end of March this year.

As questions swirled, Director of Communications at the Office of the Prime Minister, Latrae Rahming, quickly came to the government’s defense.

In a post on X, Rahming says the money was primarily used for the government’s airport infrastructure program.

He also pointed to the National Investment Funds Act, saying the law establishes the fund’s governance framework, including a five-member Board of Governors, and requires reporting on the fund’s financial position and any withdrawals.

Rahming also insists the opposition should wait for the fund’s statutory report, which will provide a full accounting of how the money was used.

But Pintard is suggesting the government went about it the wrong way.

Michael Pintard – Leader, Free National Movement

“We have no knowledge from anything the government has said on how they were able to legally transfer money into that fund, and worse, how they are able to remove funds out of the National Investment Fund in order to use for any purposes.”

Pintard says the issue isn’t whether the government should spend money on airport improvements.

He says it’s whether the money was moved into and later withdrawn from the National Investment Fund in accordance with the law.

Pintard says the government’s response raises more questions than answers.

Michael Pintard – Leader, Free National Movement

“What laws are you following that allow you to move funds to spend for the purposes that you have in mind? And furthermore, they have not broken down which airports and for what purpose each of the withdrawals have been used.”

As for next steps, the opposition leader says he intends to escalate the matter.

Michael Pintard – Leader, Free National Movement

“We are going to raise it in the Public Accounts Committee meeting, and we are now taking legal advice on what actions could be taken against the government to force them to disclose.”