Section 78, The Public Financial Management Act, 2016

(1) The amount of transfer during a financial year fromthe Transformational Development Fund Account to the main bank account of the Treasury Single Account for meeting expenditures for transformational development projects under the State budget shall not exceed the amount which is calculated by multiplying non- Extractive Industries Revenues indicated in the most recent audited financial statements of the Consolidated Fund by a reference value prescribed by regulations. (2) A reference value referred to in subsection (1) shall be at the level to maintain a balance between – (a) estimated total annual expenditures of the Consolidated Fund for the next twenty years or more; and (b) estimated total annual revenues of the Consolidated Fund, excluding revenues from domestic and external borrowing, for the next twenty years or more. (3) The estimated total annual expenditures of the Consolidated Fund for the next twenty years or more referred to in paragraph (a) of subsection (2) shall be at the level to maintain the compliance with the principles of responsible financial management. (4) When statutory instruments to prescribe or amend a reference value referred to in subsection (1) are laid by the Minister before Parliament, the Minister shall also submit to Parliament and publish in the website of the Ministry a report which includes – (a) estimates of annual expenditures and revenues of the Consolidated Fund for the next twenty years or more, which were used as a basis of calibration of the reference value; (b) an explanation of methodologies and assumptions used for the estimates; (c) an explanation of how the reference value accords with the maintenance of the balance referred to in subsection (2); (d) an explanation of how the estimated total annual expenditures of the Consolidated Fund used as a basis of calibration of the reference value accord with the requirements under subsection (3); and (e) any other matters as deemed appropriate by No. 13 Public Financial Management Act 2016 No. 13 Public Financial Management Act 201666 67 of Transformational Development Stabilization Fund, Deposits to, and withdrawal from, Transformational Development Stabilization of the Intergenerational Savings Fund.