Georgetown, Guyana.
For immediate release to all media houses.
PRESS RELEASE
AFC says Government & Exxon should not celebrate 645,000 barrels per day when you examine earnings in relation to allocations to the elderly and vulnerable.
The Alliance For Change, AFC noted today the announcement by Exxon Mobil Guyana Limited (EMGL) that total production capacity across the three facilities – Liza 1, Liza 2 and Payara projects now stands at 645,000 barrels per day. The truth is the Government and Exxon should not be boasting about this figure, while crumbs are being fed to the people of Guyana.
It is good to note that based on this production figure, Guyana will be earning US$7.5M per day (645k @ US$80 per barrel = US$51.6M per day, Guyana’s share with 2% royalty and 12.5% profit oil = US$7.5M). Good contract or not, surely a country earning G$1.6B per day can afford to pay workers much better wages.
Below are the facts regarding what these recent budget allocations cost in the relation to oil production.
a) The $3,000 increase in Old Age Pension’s total additional cost to Budget 2024 is just 1 day and 17 hours of oil production.
b) The $ 3000 Increase in Public Assistance’s total additional cost to Budget 2024 is just 18 hours of oil production.
c) The Increase in NIS minimum pension’s total additional cost to Budget 2024 is just 1 day and 16 hours of oil production.
d) The Survivor’s Pension’s increase of $4,037 total additional cost to Budget 2024 is calculates to 9 hours of oil production.
e) The Invalidity Pension’s increase of $8,075 total additional cost to Budget 2024 is just 22 minutes of oil production.
f) The One Off Cash Grant’s total additional cost to Budget 2024 equates to 8 hours of oil production.
4 Days of oil production is all that is allocated to our old and venerable citizens in Budget 2024. Is this all that they deserve? The Alliance for Change is convinced that the Government of Guyana has the finances to do better and lift up more ordinary Guyanese. End.
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