14 Jul 2022

The National Petroleum Fund (NPF) has collected P4.7 billion since inception in 1986. 

 Answering a question in Parliament on Wednesday, Minister of Minerals and Energy, Mr Lefoko Moagi said P4.5 billion from the fund was disbursed as expenditure over the years.

“The balance between inflows and outflows is P117 million. We are currently processing payments under the NPF amounting to P108 million which will be paid by the end of the week and going to various entities, leaving a net balance of P8.8 million,” said the minister.

Mr Moagi also said the first purpose of the fund as contained in the National Petroleum Fund Order was to meet the maintenance and operational costs of strategic storage facilities for government fuels.

The minister said the second purpose of the fund was to purchase petroleum products for government strategic oil stock.

He added that the third purpose was to stabilise prices charged by the oil industry, and to make insurance premiums in respect of insurance of government strategic oil installations and oil stocks. “Expenditures from the fund have been consistent to the statutory instrument that established the fund,” said the minister.

Mr Moagi also noted that the NPF management committee was appointed by the Minister of Finance and that it was charged with determining investment strategies and investment procedures of the fund.

Sefhare-Ramokgonami MP, Dr Kesitegile Gobotswang had asked the minister to state the total revenue collected in respect of the National Petroleum Fund since its inception, and how the fund had been utilised since it was introduced.

He also wanted to know whether the expenditures from the fund had been consistent with the statutory instrument that established the fund. Ends