Vice President Dr Bharrat Jagdeo has disclosed that the $126.7 billion from the Natural Resource Fund is yet to be transferred to the Consolidated Fund, in order for the government to access to finance major developmental projects here.
The PPP/C Government is using the oil revenues the country has earned thus far to fund major projects outlined in Budget 2022, which was passed in the National Assembly last month.
“We have not spent a cent of the oil money as yet. We just passed the budget in which some of the oil resources will come to the budget but the transfer has not been taken place as yet. We haven’t spent a cent of oil money as yet, as of this point in time,” Jagdeo explained.
He was at the time being interviewed by a social media commentator on Tuesday evening.
Guyana’s oil revenues are being held overseas at the New York Federal Reserve Bank.
Since oil production commenced in December 2019, Guyana has earned US$607.6 million from its share of nine oil lifts and from royalty payments at the Liza 1 Field in the oil-rich Stabroek Block.
With Government set to use the $126.7 billion, the country is estimated to earn another whopping US$957.6 million from the oil and gas sector this year.
This includes some US$857.1 million from Guyana’s 13 lifts of profit oil, and an additional US$100.5 million from royalties.
