‘Show us the oil billions’ …APNU pushes transparency with motion to overhaul NRF  

Nov 07, 2025 News

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(Kaieteur News) – A Partnership for National Unity (APNU) Member of Parliament (MP) Terrence Campbell has launched a high-stakes push to overhaul the Natural Resource Fund (NRF) Act, challenging the government’s control over oil revenues.

The controversial legislation, passed hurriedly by the PPP in December 2021, governs billions in revenue from Guyana’s Stabroek Block. Campbell, a member of the NRF Investment Committee, submitted a Motion to amend Section 16 of the Act, demanding that withdrawals from the Fund be transparent, accountable, and restricted to development and disaster-related projects, rather than fueling recurrent government expenditure.

In a letter addressed to the Clerk of the National Assembly, Sherlock Isaacs, dated November 3, 2025, the new MP explained, “The proposed amendment seeks to repeal and substitute Section 16 of the Natural Resource Fund Act in order to ensure that withdrawals from the Fund are used in a transparent, accountable, and sustainable manner for development and disaster-related projects, and not for recurrent expenditure of the Government.”

The Motion seen by this newspaper, pursues changes to the legislation to mandate that the maximum amount that may be withdrawn from the Fund in a fiscal year shall not exceed the total withdrawal approved by the National Assembly for that fiscal year.

Further, the APNU faction of the Parliamentary Opposition has proposed that all withdrawals from the Fund, which are transferred to the Consolidated Fund shall, upon deposit, “constitute an integral part of the Consolidated Fund and shall be governed by the provisions of this Act.” “For the avoidance of doubt, revenues from the Fund shall not be used to support the recurrent expenditure of Government,” the Motion reads.

It states that revenues from the Fund shall be used only to finance— (a) infrastructure and development projects of the Government, including any initiative aimed at realizing an inclusive green economy; and (b) essential projects that are directly related to ameliorating the effects of a major natural disaster.

Most importantly, the proposed amendment to the legislation states, “The Minister shall submit an annual report to the National Assembly describing the stage of implementation of all projects financed by the Fund.”

Presently, government does not report on the specific uses of revenue garnered from the oil and gas sector.

In fact, Vice President and chief policymaker for the sector, Bharrat Jagdeo previously made it clear that the government of Guyana will only list emergency projects being funded by oil money.

He explained, “Outside of this annual withdrawal which is captured by a ceiling now and formula…government can draw down money for one specific additional purpose that’s in case we have a national emergency for example a major flood disaster or a tsunami…in that case there is no ceiling but you can’t go and say oh I’m forecasting. You have to give the projects and the specific use of the fund if you trigger that provision of the law.”

He pointed out that that provision was never triggered.  “So that’s the only case where you have to detail the expenditure made from the oil revenue to have the withdrawal done,” Jagdeo said.

Presently, oil money is transferred to the consolidated fund and blended with other sources of revenue. As such, Jagdeo pointed out that it would be difficult to show what specifically oil revenue was spent on. He reasoned, “How do you balkanize revenue coming into the budget? (It) becomes a very difficult thing to do; so where the transparency is done, transparency is that every cent spent from oil money, from non-oil revenue and from borrowing, has to be appropriated by the National Assembly through a Budgetary Appropriation Process, whether it is the original Budget or through Supplementary Budgets which then form an appropriation act or a supplementary appropriation act, which itemizes all of the expenditure of the state and how much is going to be spent…”

Section 16.2 of the NRF Act states that, “All withdrawals from the Fund shall be deposited into the Consolidated Fund and shall be used only to finance: (a) national development priorities including any initiative aimed at realizing an inclusive green economy, and (b) essential projects that are directly related to ameliorating the effect of a major natural disaster.”

Be that as it may, the government has not highlighted any national development priority or essential project funded through this source of income. In fact, major development priorities and essential projects such as roads, hospitals, and the new Demerara River Crossing are being funded through loan agreements. Government had also applied for a loan to support the Gas-to-Energy project.

Campbell had filed legal proceedings earlier this year to challenge transparency and accountability of withdrawals from the NRF. He was appointed to the Investment Committee on July 8, 2024, and demonstrated through official government records that these withdrawals are being used to finance regular government operations.

The application highlights serious violations of the Santiago Principles, which are explicitly incorporated into Guyanese law through Section 4 of the Natural Resource Fund Act.

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• APNU, Member of Parliament, Natural Resource Fund Act, Terrence Campbell

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