The Natural Resource Bill 2018 was today presented and read for the first time to the National Assembly. This is in keeping with government’s previous undertaking to have the Bill presented to the National Assembly before year’s end, accordign to DPI.
The introduction of the Bill follows the presentation of Government’s ‘Green’ paper titled “Managing Future Petroleum Revenues and Establishment of Fiscal Rule and a Sovereign Wealth Fund” to the National Assembly on August 8.
In his introduction of the Green Paper to the National Assembly Minister of Finance, Winston Jordan had said the document was being issued by the government to present preliminary proposals to stimulate discussion. It also detailed specific issues and pointed out possible courses of action in terms of policy and legislation.
In addition, Minister Jordan described as a significant date in the history of the country. He said the paper captured the key mechanisms to ensure sustainable use of petroleum resources to achieve a diversified and green economy, DPI said.
A specific focus is being placed on avoiding the mismanagement of the national patrimony or as it is known “the natural resource curse.”