10-year imprisonment penalty if the Finance Minister does not reveal that oil monies have been received, after at least three months of receiving those revenues.
Aside from the jail-time proposal, the other amendments include revamping the NRF oversight committee which comprises 22 organisations, and establishing a Board of Directors that separates the subject Minister and the Management of the Fund.
A simpler mathematical formula that the “complex” formula used for the NRF is also being proposed to determine how the money accumulated will be saved and spent.
