Latest update March 28th, 2024 12:59 AM
Feb 10, 2022 News
Kaieteur News – Although money from the Natural Resource Fund (NRF) is included in this year’s Budget, the Attorney General (AG) has clarified that the funds have not yet been withdrawn from the oil account.
The response by the AG, Anil Nandlall, SC, comes on the heels of a report published by Kaieteur News on Monday, in which it was stated that the administration is now seeking Parliamentary approval for the funds that were withdrawn “illegally”, and included in this year’s Budget.
This year some $126 billion from the oil account is expected to be included in the Budget.
However, the AG and Minister of Legal Affairs has contended that “not a single cent has been withdrawn from the Natural Resource Fund” to date.
According to the Minister, “The Natural Resource Fund Act, 2021, No 19 of 2021 provides for withdrawal from the Natural Resource Fund in the manner set out in the First Schedule. The procedure for withdrawal is set out in Sections 16, 17 and 19 of the NRF Act.”
He added, “Section 19 of the NRF Act mandates the Minister responsible for Finance to request the National Assembly to approve the withdrawal from the Fund, and, permits the said withdrawal to be included in the annual Budget proposal for that year.
Importantly, Nandlall said, in accordance with Section 19 of the NRF Act, the sum which is to be withdrawn from the Fund for this fiscal year has been included in the annual budget proposal.
When it comes to the Motion that was submitted to the National Assembly seeking approval for the withdrawal, the Minister explained that the Motion is yet to be considered.
He assured that only after approval of that Motion will the monies be withdrawn from the Fund.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
Mar 28, 2024
Minister Ramson challenge athletes to better last year’s performance By Rawle Toney Kaieteur Sports – Guyana’s 23-member contingent for the CARIFTA Games in Grenada is set to depart the...B.V. Police Station Kaieteur News – The Beterverwagting Police Station, East Coast Demerara (ECD) will be reconstructed... more
By Sir Ronald Sanders Kaieteur News – In the face of escalating global environmental challenges, water scarcity and... more
Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.
Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]