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Equal distribution has benefitted minors: PM

 

May 30, 2022 10:01:55 AM

Equal distribution has benefitted minors: PM Total number of lease funds withheld by the iTaukei Trust Fund Board for children below the age of 18-years-old is $202, 547, 427.

Prime Minister Voreqe Bainimarama said the equal distribution system of lease monies has benefitted a greater number of landowners including those under the age of 18 years.  

Bainimarama said once the registered vola ni kawa bula landowner turns 18, he would be entitled to his portion of lease monies that he would have been entitled to.

“From 2017, funds of members below the age of 18 years were invested with Home Finance Company Bank with an intention of earning returns,” he said.

“Principal and interest would then be payable to members once they turn 18 years. In 2018, a total of 52, 749 beneficiaries had a total trust fund of $39, 175, 641 that was held in trust.

“In 2019, a total of 54, 911 beneficiaries had a total trust funds of $49, 416, 895 that was held in trust while in 2020, a total of 54, 766 beneficiaries had a total trust funds of $61, 857, 076.

“Last year, a total of 45, 703 beneficiaries had a total of trust funds of $52, 097, 815 that was held in trust. Since 2018, a total of 208, 109 have benefited from this initiative,” he said.

He said the equal distribution initiative by the Government has relieved the burden from parents to fund the future educational expenses for their children.

By Nacanieli Tuilevuka

 

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