Apr 5: PKR vice president Chua Jui Meng has rubbished the National Trust Fund's "paltry" savings, saying the sum could not help the country in the event the country's main income earner - oil - runs out.
Chua said it is a disgrace that after 24 years, the Fund only has RM5.43 billion, as revealed by prime minister Najib Razak in parliament last year.
As such, he questioned why the government had yet to establish any oil-based fund as is the practice of oil-producing states around the world.
"My biggest beef with the BN federal government is this: Why is there no oil-based Sovereign Wealth Fund (SWF) for Malaysia?
"Malaysia is the 27th largest oil producer in the world, rolling out 693,700 bbl/day," Chua said in a statement emailed to Harakahdaily.
He also questioned the meagre payment of RM100 million by giant national oil company Petronas since 1988.
"Where has Petronas’ trillions of ringgit in revenue over the past 38 years gone to? Did Petronas’ oil and gas exploration presence in 32 countries outside Malaysia contribute or help facilitate the bulk of RM1.08 trillion in capital flight in the last decade?" he asked.
Chua said it was boggling that with such huge oil wealth, Malaysia’s national debt stands at RM502.4 billion or 1.3% short of the 55% legislated debt ceiling.
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