NATION

Royalties Set For Future: Vuniwaqa

The Ministry of Lands and Mineral Resources is holding bauxite mining royalties as future generation funds. Minister for Lands and Mineral Resources Mereseini Vuniwaqa said while there were no plans
13 Sep 2016 08:03
Royalties Set For Future: Vuniwaqa

The Ministry of Lands and Mineral Resources is holding bauxite mining royalties as future generation funds.

Minister for Lands and Mineral Resources Mereseini Vuniwaqa said while there were no plans to determine how the money will be used, they Ministry was funding landowning units with their investment projects which would bring in revenue for future generation.

Mrs Vuniwaqa said the fund kept aside for our future generation would be kept for the children of the landowning units.

The ministry is holding onto the future generation fund, she said.

“In the Future Generation Fund, it is the land that has been deposited into the land bank and bauxite is one of those.

“We are holding onto the future generation funds in the absence of a mechanism in place that looks at how this money is going to be used.

“At the moment it is dealt with on different basis, so basically what happens is that the communities come to us to say what kind of project they want to do,” she said.

Mrs Vuniwaqa said some landowners insist on the release of the money to pay their debts.

However, they have been told that the fund has a purpose and that is for the future generation.

“We have discussions and access how their suggested project is going to help them to generate revenue to build up funds for future generation.”

“Sometimes they call us and say that they need money to pay up their debt. We say no because this Future Generation Fund is not meant for that.

“A lot of people also come to us and say that this is not your money and release it. But the fact remains the same.

Edited by Caroline Ratucadra

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