Govt. yet to withdraw oil money – AG clarifies

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Fund (NRF) is included in this year’s Budget, the Attorney General (AG) has clarified that the funds have not yet been withdrawn from the oil account.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on Monday, in which it was stated that the administration is now seeking Parliamentary approval for the funds that were withdrawn “illegally”, and included in this year’s Budget.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However, the AG and Minister of Legal Affairs has contended that “not a single cent has been withdrawn from the Natural Resource Fund” to date.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Importantly, Nandlall said, in accordance with Section 19 of the NRF Act, the sum which is to be withdrawn from the Fund for this fiscal year has been included in the annual budget proposal.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He assured that only after approval of that Motion will the monies be withdrawn from the Fund.

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