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The Alliance For Change (AFC) held a charged press conference on December 6, 2024, shining a spotlight on government transparency and accountability in managing the Natural Resource Fund (NRF).
AFC Leader Nigel Hughes echoed concerns raised by opposition representative Dr. Terrence Campbell, who in a published letter criticized the NRF Oversight Committee as a “rubber stamp” and a “white elephant,” incapable of preventing mismanagement of Guyana’s oil wealth.
Dr. Campbell’s letter underscored systemic issues with how oil revenues are being handled, arguing that “balkanization of revenues” into the Consolidated Fund obscures financial accountability. He wrote, “This effectively reduces the Board to a rubber stamp and the Public Accountability and Oversight Committee (PAOC) to a white elephant.” He further revealed stout resistance to his calls for greater scrutiny, noting his intention to donate his committee remuneration to charity in protest.
Nigel Hughes picked up on this theme during the AFC presser, stating, “This is the most disturbing news of the week, perhaps the month. The Vice President claims transparency but also admits that showing where oil money is being spent is difficult. This is national patrimony being treated recklessly.”
The AFC called for immediate reform of NRF oversight mechanisms and accountability for the billions of U.S. dollars spent from the fund. Dr. Campbell’s letter also highlighted the NRF Act’s provisions requiring justification for withdrawals—either for national development priorities or disaster amelioration—stipulations he claims have been ignored.
Hughes lambasted the government, accusing it of turning the NRF into a “slush fund” with little oversight or justification for expenditures. The AFC panelists called for a full public accounting of how funds are allocated and spent, with Hughes saying, “If $5 billion US has been spent and you can’t account for it, what hope does this nation have for the future?”
