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{
    "id": 1103171,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1103171/?format=api",
    "text_counter": 214,
    "type": "speech",
    "speaker_name": "Sen. Wetangula",
    "speaker_title": "",
    "speaker": {
        "id": 210,
        "legal_name": "Moses Masika Wetangula",
        "slug": "moses-wetangula"
    },
    "content": "This money that has been in this account has not been run transparently or earning interest. As the Constitution, 2010, requires we need free flow of information, particularly to Houses of Parliament. One would expect the National Treasury to bring a Statement of this account to Parliament annually for the House to know how much money there is. When such a Fund is established and when money is taken out, they need the authority of Parliament. However, we have never had any such engagements with them. So, the wisdom of Sen. Faki and his team to annul the regulations that sets out this Fund is laudable. As the Senator for Narok County has said, medics are crying that they are not being paid. Counties are crying that money is not going there in good time. Projects are stalling because there is no enough money to keep them going yet there is money lying in an account that is idle and does nothing. It is like what they do in the Ministry of Energy when you want to use the pipeline, you put a million litres of fuel called dead stock which is to fill your void in the pipeline. You do not use it nor benefit from it, but it is there. That is a luxury nobody in business can afford. I strongly support this report. It will lift a lid on a discomfort that I am sure that even the National Treasury has been suffering by putting money somewhere and they do not touch it. What I expect and I thought that my colleague from Narok County would go that far is that what we need is to create structures for our sovereign fund to keep proceeds from our extractive industries, including oil and minerals, with a maturity period that is strict just like the way Sweden and Norway have done. Once money is put in the Sovereign Account, it matures after 50 years. The economies of Norway and Sweden are awash with monies maturing from the time they started their oil exports and wealth generation."
}