By: Marvin Cato | HGP Nightly News |
Amidst the fanfare surrounding the opening of Guyana’s 13th Parliament on Monday, the serious work of governance took center stage as Dr. Ashni Singh, Minister with Responsibility for Finance in the Office of the President, presented formal notifications to the National Assembly regarding the country’s petroleum revenues deposited into the Natural Resource Fund (NRF).
The notifications covered two key reporting periods — April 1 to June 30, 2025, and July 1 to September 30, 2025. According to Dr. Singh’s report, the balance in the NRF stood at an impressive US$3.6 billion at the end of September 2025.
Dr. Singh’s presentation fulfills the statutory requirement under the Natural Resource Fund Act of 2021, which mandates the responsible minister to report to Parliament on all petroleum revenue receipts within three months of deposit.
In addition to the notifications, the Finance Minister also tabled the NRF Annual Report for Fiscal Year 2024, as required by Section 32(4) of the same Act. The report outlined the fund’s operations, income, and utilization during the past year.
Dr. Singh acknowledged the contributions of the NRF Board, the Public Accountability and Oversight Committee, and the Investment Committee, commending their roles in maintaining transparency and oversight of Guyana’s growing petroleum wealth.
However, the debate over the management and spending of the oil fund continues to stir controversy. Newly sworn-in Member of Parliament Dr. Terrence Campbell, who once served on the NRF Board, has criticized the body as being “a mere rubber stamp,” claiming that the fund has not been utilized in accordance with its intended investment purpose.
Critics have accused the government of channeling petroleum revenues primarily toward infrastructure and recurrent spending, instead of sustainable investment ventures envisioned under the Act.
Now as a legislator, Dr. Campbell has filed court action challenging aspects of the government’s management of the fund. On Monday, he also submitted a series of parliamentary questions directed to the Finance Minister seeking oral and written responses on specific projects financed by petroleum revenues.
These questions, once cleared by the Clerk of the National Assembly, will be forwarded to the Speaker for inclusion on the Order Paper at the next sitting of Parliament.
With oil earnings climbing and scrutiny intensifying, the NRF remains a focal point of public accountability and political debate — a test of whether Guyana’s newfound wealth can truly deliver long-term prosperity for its people.
