The PPP/C government yesterday tabled a bill in the National Assembly for a huge increase in the annual extraction of oil revenues from the Natural Resource Fund (NRF).
This move had been announced by Finance Minister Dr Ashni Singh in his budget presentation on January 15th and the government yesterday tabled the bill that will accomplish that. It is titled the Fiscal Enactments (Amendment) Bill 2024.
Under the new proposed extraction formula, the government is proposing to draw down 100% of the first US$1b of deposits paid into the fund in the immediately preceding fiscal year.