Extra $3 million funds to flow from Nauru Phosphate Royalties Trust

President Baron Waqa Friday revealed $3 million in fresh funding was being paid to beneficiaries under the Nauru Phosphate Royalties Trust (NPRT).

Waqa said the additional funding was on top of previous allocations from the sovereign fund.

“This government is currently allocating these new cash payments, which is wonderful news for Nauruans,” he said.

“In stark contrast to the poor economic management by previous administrations of RONWAN funds, this government resolved to hand over possession of the funds held by the NPRT to landowners. 

“My Government recognises the need to do things differently from the way the country was managed in the past. 

“Our aim is to be financially responsible and accountable, building on the good work we’ve already done to secure a better future for all Nauruans,” Waqa said in a statement.

He said the Government was committed to repaying – over time – the total amount owed to landowners by previous administrations.

“From the day we were first elected, we have made Nauru’s future our priority,” he said.

“We continue to build on this commitment, initiating many strategic priorities including these NPRT payments.

“The Waqa Government continues to deliver services to enhance the standard of living and quality of life of the people of Nauru.”