PPP seeks to have 2018 Budget amended to reflect Exxon bonus
The People’s Progressive Party Civic (PPP/C) Parliamentary Opposition is seeking to have Finance Minister Winston Jordan amend the budget to reflect the US$18M signing bonus the Government received from ExxonMobil.
In a motion submitted to House Speaker, Dr Barton Scotland, the Opposition is asking that the business of the Committee of Supply be adjourned today to allow the Finance Minister to amend the Financial Estimates of the Revenues and Expenditures of Guyana.
The PPP/C is also asking that the sums be deposited into the Consolidated Fund in compliance with the Constitution and Laws of Guyana.
Today is the last day of consideration of the 2018 Budget Estimates. The two remaining entities that are scheduled to be scrutinised are the Ministry of Finance and the Ministry of Education.
The proceeding, which usually commences at 10:00am was delayed as the Speaker considers the motion which was submitted in the name of Opposition Member of Parliament (MP) Irfaan Ali.
The US$18M signing bonus received from the US oil giant was placed into a special account in the Bank of Guyana which is in violation of the Fiscal Management and Accountability Act (FMA).
Section 38 (1) of the FMA Act states, “All public moneys raised or received by the Government shall be credited fully and promptly to the Consolidated Fund, except –moneys credited to an Extra-budgetary Fund as stipulated in the enabling legislation establishing that fund; moneys credited to a Deposit Fund; and as stipulated in the Constitution.”