-President Ali blasts opposition operatives seeking to discredit management of oil funds

PRESIDENT, Dr Irfaan Ali, on Wednesday morning fired back at opposition operatives and groups that have attempted to discredit the government’s management of the Natural Resource Fund (NRF).
The Head of State, in a live broadcast on his official Facebook page, said the criticisms spewing from varying opposition characters are only aimed at discrediting the efforts made by the People’s Progressive Party/ Civic (PPP/C) to transparently manage the NRF.
In recent weeks, opposition-nominated member to the Investment Committee of the NRF, Terrence Campbell, along with the parliamentary opposition, have voiced criticisms of the NRF’s committee, which they believe function merely as a ‘rubber stamp.’
However, the President stated these voices—though presented as knowledgeable—are selectively distorting facts for convenience, not truth.

He argued that these individuals, who claim expertise, are wilfully eroding the legal framework that governs the nation’s progress.
“Those who speak from positions of supposed authority, yet deliberately ignore the facts, must be reminded of the truth.” He further warned, “It’s crucial to recognise who these individuals are, what they truly stand for, and how their narratives serve personal or political agendas, not the people’s.”
Highlighting what he believes is a ‘convenience of conscience,”  President Ali pointed out the illegitimacy of the Natural Resource Fund (NRF) Act passed back in January 2019 by the then A Partnership for National Unity and the Alliance For change (APNU+AFC) government.
At that time, the legislation concentrated power in the Minister of Finance and lacked transparency and parliamentary oversight. The Act was enacted without opposition input after a successful no-confidence motion in December 2018.
“It was opaque. It was complicated. It was not designed for the ordinary population to understand. They had a very complex formula that meant nothing. It was subjective. It was assumptions based on the formula to determine the ceiling of withdrawal from the fund was complex. Was not meant to enhance transparency. There was no requirement in that Act to publish deposits into the fund.”

President Ali further contrasted this with the PPP/C government’s 2021 NRF Act, which strengthened governance, improved transparency, and enhanced parliamentary oversight.
The bill reduced the powers of ministers. For instance, if a finance minister fails to publish certain deposits within a specified time, they could face up to 10 years in prison. This was a clear step towards reducing ministerial authority.
Further, an independent board was established to take on roles previously held by ministers. The new Act shifted these powers from ministers to the Board of Directors, thereby ensuring that governance is more accountable and less centralised in the hands of any one individual.

“The new act of 2021that we passed, simply a formula setting a ceiling of the transfer from the NRF, not a secret account, but the Consolidated Fund, it establishes a simplified formula.”
He added:” Instead of the Act, they illegitimately passed, where none of us would have known what the revenues are. The new Act the People’s Progressive Party/Civic government [passed], ensured that all receipts be [sic] published in the official gazette.”
This approach to governance was a significant shift, with power moving from ministers to an independent body, which is a meaningful reform.
However, critics do not fully acknowledge or defend this change.

Further simplifying the process, the President explained that when a transfer is made into the Consolidated Fund, it is incorporated into the national budget, which then sees funding being provided for various sectors.
“After the parliamentary approval by everyone in Parliament, it still must get the scrutiny from the Auditor General, the expenditure and then, of course, the examination from the Public Accounts Committee. None of us, none of this was existent in the legitimate [sic] act.”
The government, he noted further, has fully complied with the laws.

Dr Ali further pointed out, in 2019, following the passage of a no-confidence motion, without proper parliamentary oversight $292 billion was spent and in 2020, another $150 billion was expended without an approved budget. This demonstrates a significant lack of transparency and accountability in governance.

“When the country required of them to be fair, open, democratic and honest, these very voices were lost in the wind.”
He further criticised the illegitimate parliament and the absence of the opposition, drawing a contrast between the previous financial mismanagement and the then A Partnership for National Unity and Alliance For Change (APNU+AFC) time in office.