NASSAU, Bahamas — The Bahamas’ National Investment Fund (NIF) is facing renewed parliamentary scrutiny as the Public Accounts Committee prepares to question public officials about the handling and accounting of hundreds of millions of dollars in public borrowing.

The issue centres on approximately $700 million in excess borrowing disclosed by Finance Minister Michael Halkitis during the 2026 Budget process. Halkitis previously told Parliament that the money had been transferred to the NIF, while a later explanation from the Office of the Prime Minister said the $700 million was separate from the fund.

The conflicting explanations have prompted opposition questions about the fund’s governance, transactions and financial reporting.

Central Bank Governor John Rolle has confirmed that the NIF Board of Governors had not formally convened, although an account carrying the NIF name had been maintained and transactions through the account began in July 2025.

The government has defended its handling of the funds. Halkitis said legal advice and the Public Finance Management Act guided the government's actions, while Prime Minister Philip Davis has rejected allegations of wrongdoing.

The Public Accounts Committee's examination is now expected to bring further attention to public finance, government borrowing, NIF governance and infrastructure spending.