Faced with questions from the Opposition about spending from the country’s oil and gas earnings, Vice President Bharrat Jagdeo on Thursday said that money from the Natural Resource Fund is being spent in full compliance with the law, even as he sought to fend off criticism that the NRF Board is rubber stamp and the fund is being used as a slush fund for government.

Last week, Opposition representative on the NRF Investment Committee, Terrence Campbell said in many instances, money from the fund was being approved without clear justification.

However, the Vice President has long said that it will be difficult for government to show individual projects the monies are being spent on, since the monies would flow through the national budget. He however, assured that the monies are used for Infrastructure, Health, Education and other development programmes.

“The only section of the law, that speaks about detailing what you are spending the money for—outside of this annual withdrawal which is captured by a ceiling and a formula, the government can draw down money for one specific additional purpose in case of a national emergency for example a major flood disaster and in that case there is no ceiling but you have to give the project and the specifics of the spending of you trigger that provision of the law,” Mr. Jagdeo

Mr. Jagdeo, said giving the NRF board certain powers will be outside of the law, but he assured that regulations governing the sector are robust.

“Clearly, they want to give to the board of directors a few people appointed and leader of the Opposition to act outside the law. We are in full compliance with the law, every cent of this money is audited and goes through the appropriation process,” Jagdeo told the media.

Explaining how the oil monies are being utilized, the Vice President said the monies are paid into the consolidated fund and that is reflected in the annual budget, and approved by the Parliament to fund national development.

“The national development priorities of the government is reflected in its annual budget which is approved by Parliament—Parliament determines that not the NRF members of the board, the people who are elected by the People of the country not an Opposition representatives to an investment committee—its the people’s representatives in parliament through a budgetary process that identifies priorities of the year,” Mr. Jagdeo stated.

Billions have been coming out of the Natural Resource Fund to support various Government programmes and initiatives.

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