Prime Minister James Marape has directed the Minister for Finance and the Minister for Petroleum to immediately commence work on the release and sharing of the 4.27 percent equity among the five impacted Provincial Governments ,Southern Highlands, Hela, Gulf, Western and Central.
The directive was issued during the official launch of the National Government funded K371 million Poroma Moro Road Upgrade and Sealing Project at Pimaga Government Station, following requests by Southern Highlands Governor Hon. William Powi and Hela Governor Hon. Philip Undialu during their speeches, who called on the Prime Minister to ensure the equity is released to the Provincial Governments.
Prime Minister Marape confirmed that the 4.27% equity does not belong to individuals, but is a collective entitlement of the five impacted provinces that have borne the long-term social, environmental and economic impacts of oil and gas development.
“The 4.27 percent equity belongs to the impacted provinces Southern Highlands, Hela, Gulf, Western and Central.
It is not for individuals or elites. It must be used to deliver real development for our people,” Prime Minister Marape said.
He stated that he has now formally instructed the Finance and Petroleum Ministers to work urgently on the legal, financial and administrative arrangements to operationalise the equity sharing among the provinces.
“I have directed the Ministers for Finance and Petroleum to immediately work on the sharing and release of the 4.27% equity so provincial governments can begin converting resource wealth into services and infrastructure,” he said.
Prime Minister Marape also warned leaders that misuse or mismanagement of the equity would be a betrayal of present and future generations, stressing that benefits must translate into roads, schools, health facilities and long-term investments.
The Prime Minister said the Poroma Moro road project, funded under the Connect PNG Economic Road Infrastructure Program, symbolises the government’s commitment to ensuring resource producing areas see tangible returns from national wealth.
He called on the five impacted Provincial Governments to work together in unity, transparency and peace to ensure equity benefits reach ordinary people.