The Alliance for Change (AFC) says Guyana is making an estimated GYD$65 million an hour as an oil-producing nation, but questions why every citizen is not feeling like a millionaire.
The question was posed by AFC Executive Member, former government Minister and Member of Parliament, David Patterson, to the attendees in New Amsterdam, Berbice, where the party held an event over the weekend.
“Guyana is making an estimated $65 million an hour from oil alone. And, so, of course, the oil producer is [working on a] 24-hour cycle. That’s GYD$1.4 billion every single day – 365 days a year and 366 days in a leap year… Forget what contract it is, this is what we’re making now. So, the question I want you ladies and gentlemen to ask yourselves is: Do you feel like a millionaire?”
He continued, “So, every single minute we’re making $1.2 million. So, every 800,000 minutes, all of us should be or supposed to get a $1.2 million without blinking an eye.”
Patterson said that if the answer is ‘no’ to the millionaire question then the follow-up query must be: where is this money going?
The former Public Infrastructure Minister said that the people are the rightful recipients of the funds, noting that Guyanese have struggled to be where they are today.
Guyana Standard re-examined the figures produced by Patterson and found some minor discrepancies that are likely as a result of him rounding up the actual figures. Nevertheless, this publication, in the interest of accuracy, posit the following clarifications:
1. Patterson’s statement that Guyana is making GYD $65 million per hour from oil aligns with the math, as this would total approximately GYD $1.56 billion per day. However, Patterson rounded down to GYD $1.4 billion in his remarks.
2. He claims that Guyana is making GYD $1.2 million per minute, but the figure is closer to GYD $1.083 million.
Notably, Patterson’s third claim, that each Guyanese should receive GYD $1.2 million after 800,000 minutes, holds up mathematically. In 800,000 minutes (around 555 days or 1.5 years), Guyana would generate GYD $866.67 billion using his $65M per hour figure. If divided among 800,000 people (estimated population), this works out to GYD $1.083 million per person, not $1.2M.
While some of his numbers aren’t exact, his overall argument that significant oil wealth is being generated and could theoretically make Guyanese cash-rich, for the short term, could be considered reasonably accurate.
However, his calculations about what each citizen “should” receive from oil revenues overlook the essential fact that a significant portion of that revenue must fund essential government services and infrastructure – a point that the Guyana Government has belaboured.
The administration has been heavily critical of the opposition’s position that large sums of monies should be diverted to the people without careful consideration of infrastructural enhancements that are badly needed in almost every sector ranging from education, health, sea defense, construction and agriculture.
The opposition has said consistently that there needs to be a more balanced approach between infrastructure and social development. This position had led to the opposition proffering the startling observation that “the people cannot eat roads”.
But the government, on the other hand, argued that it does see infrastructural and social developments as separate constructs. In fact, it views them as having a direct link. Therefore, the Irfaan Ali-led administration has been championing its infrastructure agenda as a means of providing jobs for thousands of Guyanese.
