The Petroleum Revenue Management Bill has been passed by the national parliament.

Presenter of the bill was Professor Paul Jumi Lugala, the chairperson of the Committee of Economic Planning and Finance.

He told Eye Radio that that law is important for the good management of South Sudan’s oil revenue income.

“We want to reduce corruption. We are trying to say here is that, we want accountability to take place,” he said.

Economist Ahmed Morjan agreed that the new act can affect the transparent management of oil money.

“It can help in transparency and make the work a bit direct and straight forward, handled by clear and well established document of that kind,” he told Eye Radio.  “All these things should be the work of the Ministry that is responsible for the budgeting in the country – making sure that the country gets enough revenue and (also) how this money is spent.”

Professor Lugala said that no matter what price fluctuations may occur, the government still has the rights to use ten percent of the money.

The assembly included an allocation of up to seventy five percent to the Consolidated Fund for spending, with fifteen percent going to a Petroleum Revenue Stabilization Account.