The Ministry of Finance has announced that the Government has made its first withdrawal of US$200 million from the Natural Resource Fund.
According to the Ministry of Finance, the money which is equivalent to G$41.7 Billion has been transferred from the Natural Resource Fund to the Consolidated Fund to finance national development priorities.
It was indicated that the transfer was made in accordance with the “strengthened legal architecture of the NRF Act 2021” and follows the publication in the Official Gazette of all petroleum revenues paid into the Natural Resource Fund during the period 1 January to 31 March 2022.
As part of the Budget 2022 process, Parliamentary approval was granted for a total of US$607.6 million to be transferred during the fiscal year 2022 to fund the budget.
Specific projects have not been listed that will be funded through the money from the oil resources.
The Natural Resource Fund Board was recently appointed by the President with retired Major General Joe Singh serving as its Chairman.
The Natural Resource Fund Board is tasked with overlooking the spending of the money from the fund.