With the overall control of revenues from oil and other natural resources to be placed in the hands of the Finance Minister, a 22-member Public Accountability and Oversight Committee has been proposed to ensure the transparent spending of the funds.
This is according to the government’s 12-part Natural Resource Fund Bill 2018, which was published in the Official Gazette last Thursday.
The proposed legislation is critical as it seeks to ensure that there is proper management of revenues generated from natural resources, inclusive of petroleum, and that the present and future generations benefit.