The PPP has withdrawn 41.8 Billion dollars from the Natural Resources Fund (NRF) to be used as part of the 2022 budget. However, the legal requirement that money taken from the NRF must be used for specific development projects and emergencies is being clearly ignored by the PPP.
The NRF act of 2021 outlined that: “All withdrawals from the Fund shall be deposited into the Consolidated Fund and used only to Finance – (1) National development priorities including any initiative aimed at realizing an inclusive green economy; and (2) essential projects that are directly related to ameliorating the effects of a major natural disaster.”
Yet the money being withdrawn is not specifically allocated to any projects presented to the National Assembly. This effectively turns the NRF into a slush fund for funding any and all of the whims of the PPP. Transparency is key to ensuring that NRF revenue is used to facilitate national development. The public needs to know exactly where their oil money is going.
More, In The Ring.
