Terengganu To Manage Oil Royalty
adiwira In The Federal Government has agreed to revert the management of the five per cent oil royalty back to the state government.
The payment of oil royalty to the state stopped in 2000 when the opposition took control of the Terengganu.
Prime Minister Datuk Seri Abdullah Ahmad Badawi made the much-awaited announcement after a closed-door meeting with state Umno leaders and high-ranking Government officers at a hotel in Kuala Terengganu.
The handing over of the royalty will be done once a detailed summary on the matter, including the procedures of how the royalty should be channelled to the state’s coffer, is done.
The issue of oil royalty came up when Mentri Besar Terengganu Datuk Ahmad Said recently asked the Federal Government to hand over the management back to Terengganu in a bid to implement more people-oriented projects.
Terengganu received the oil royalty in the form of Wang Ehsan (Compassionate Fund) from 2000 at a lower quantum than the five per cent or estimated RM1bil, annually.
| 3.2 |
