National Energy Fund nearly drained after N$1.3bn fuel bailout
The National Energy Fund has nearly run dry after the government spent N$1.3 billion in two months to shield motorists from rising fuel prices. It currently has between N$200 million and N$300 million remaining. Minister of industry, mines and energy Modestus Amutse says the fund’s balance has dropped sharply because the government stepped in to […] The post National Energy Fund nearly drained after N$1.3bn fuel bailout appeared first on The Namibian .
The National Energy Fund has nearly run dry after the government spent N$1.3 billion in two months to shield motorists from rising fuel prices.
It currently has between N$200 million and N$300 million remaining.
Minister of industry, mines and energy Modestus Amutse says the fund’s balance has dropped sharply because the government stepped in to keep fuel prices lower than they would have been.
“What is left in the National Energy Fund is much less than one could think, but we are talking about the range of N$200 million to N$300 million,” he told The Namibian yesterday.
The heavy spending started in April when international fuel costs increased due to the United States escalating the conflict in the Middle East.
