Where Did the Money Go? Questions Mount Over Spending, Approvals & Accountability

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NASSAU , BAHAMAS – It’s been at the centre of a political dispute for days now, but what exactly is the National Investment Fund, and where did the money come from?

The National Investment Fund, also known as the NIF, is the government’s investment vehicle created under the National Investment Funds Act of 2022.

The law later replaced The Bahamas’ Sovereign Wealth Fund Act, which was passed in 2016, and came into operation in February 2023.

Under the current law, the fund is designed to help finance national infrastructure and public improvement projects, support development in the blue, green and orange economies, and manage certain national assets and resources for the benefit of Bahamians.

The legislation also provides for government investments, as well as private investments held by the government, to be managed professionally, with an eye toward long-term national benefit.

So, where does the money come from?

Well, in the current controversy, a major source has been government borrowing.

In March 2025, Parliament authorized borrowing and the subsequent placement of $265.3 million into the NIF for national infrastructure projects.

The Davis administration says that transfer was lawful and consistent with the Public Debt Management Act.

But government financial reports later showed the fund’s balance falling sharply, prompting questions from Opposition Leader Michael Pintard.

The government says the money was primarily used for airport infrastructure, including works in New Bight, Arthur’s Town and Governor’s Harbour.

Pintard, however, says the issue isn’t whether those airports should be upgraded.

His question is whether the money was transferred into and then withdrawn from the NIF in accordance with the law, and what approvals and documentation accompanied those transactions.

But the NIF is not simply a government bank account.

The law establishes a governance structure and reporting requirements for the fund, prompting the opposition to demand a detailed accounting of the money.

The government, meanwhile, says that accounting will come through the fund’s statutory reporting.

So, at its core, the political dispute comes down to two questions: where did the money go, and did every step taken with that money follow the legal framework Parliament established for the National Investment Fund?