Second notification for 2025 made to Parliament of petroleum revenues paid into the NRF
– as Government reaffirms commitment to transparency and accountability in the management of Guyana’s oil resources
Senior Minister in the Office of the President with Responsibility for Finance and the Public Service, Dr. Ashni Singh, today presented Notification of Receipts to the National Assembly of all petroleum revenues paid into the Natural Resource Fund (NRF) during the period 1st January 2025 to 31st March 2025, pursuant to Section 33 (2) of the NRF Act 2021. This notification was published in the Official Gazette on the 4th April 2025 and reaffirms the PPP/C Government’s continued commitment to the principles of transparency and accountability in the management of Guyana’s oil resources. At the end of March 2025, the balance in the NRF stood at US$3.3 billion.
The International Monetary Fund (IMF) in the Staff Concluding Statement of the 2025 Article IV Mission commended the Government on the progress made to strengthen the management of oil wealth and its fiscal transparency:
“The authorities have advanced in enhancing governance of the NRF and modernising public sector operations. The 2023 NRF and Public Accountability and Oversight Committee Annual Reports have been presented to the National Assembly, regular notifications of receipts of petroleum revenues, as mandated by law, are published in the Official Gazette and presented to the National Assembly, and the Bank of Guyana publishes monthly and quarterly reports of the NRF’s financial performance.”.
Pursuant to the Natural Resource Fund (NRF) Act 2021, as amended by the Fiscal Enactments (Amendment) Act 2024, Parliamentary approval has been granted for US$2.464 billion (equivalent to G$512.437 billion) to be withdrawn from the NRF in 2025.
The PPP/C Government will continue to manage Guyana’s oil resources in a clear and transparent manner, to the benefit of present and future generations.