The Ministry of Finance disclosed on Friday that it made the sixth withdrawal from the Natural Resource Fund (NRF), amounting to US$100 million, or approximately G$20.8 billion. This latest transfer, executed on October 24, 2023, is part of the series of withdrawals approved during the budgetary process for the year.
The withdrawal is in strict adherence to the amended NRF Act of 2021, which mandates annual parliamentary approval for such financial actions and emphasizes enhanced transparency and accountability in managing the nation’s oil revenues.
As it stands, the accumulated withdrawals for 2023 have now reached US$750 million (G$156 billion), remaining within the parliamentary approved ceiling of US$1.002 billion for the current year. The ministry said this fiscal strategy forms a critical part of the government’s budgetary execution, ensuring that the utilization of oil resources is judiciously managed and directed toward national development agendas.