Niterói and Maricá Will Have a Billion-Dollar Savings from Pre-Salt Funds

Written by Renato Oliveira

Published on 03/04/2019 at 01:00

Updated on 02/04/2019 at 19:47

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Benefiting From Royalties and Special Participation From Pre-Salt, Niterói and Maricá Will Have a Billionaire Savings Over Decades With The Amounts Raised

The cities of Niterói and Maricá, belonging to the metropolitan area of Rio de Janeiro, had their revenues from oil exploration in the Pre-Salt more than quadrupled in the last two years (between 2016 and 2018).
To give you an idea, in 2018, revenues surpassed 1 Billion reais for the first time, which led the municipalities to create a fund to save part of the collections, and they have already accumulated 100 million each.

The cities expect, in the coming decades, with the growth of Pre-Salt exploration, to significantly increase these savings; Maricá alone expects to receive around 14 Billion in 8 years.
Niterói and Maricá expect to increase public investments, as they still rely heavily on royalties to cover their costs.

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The Plans of The Municipalities

In Niterói, according to the budget law, half of this revenue will be used to cover expenses, and only 1/3 for investments.
According to the secretary of finance of Niterói, Giovanna Victer, typical municipal activities are related to costs, such as cleaning and maintenance, health, and fundamental education, and now even public safety, but the city’s management will have to prioritize what is essential and what can be saved.

By law, Niterói must deposit 10% of each transfer of special participations into the revenue equalization fund; the savings already accumulate R$ 102 million, and the forecast is to reach R$ 2.5 Billion by 2040.

The municipality of Maricá deposits monthly between 1% and 5% of royalty revenue, already has R$ 106 million, and expects to reach R$ 1.8 Billion in 10 years.

The planning secretary of Maricá, Leonardo Alves, stated that the idea is for the fund to help cover investments and expenses for social programs in the future, such as direct cash transfers and free public transportation.
The idea is also to use these resources to finance Public-Private Partnerships, to ensure a good environment for investors wishing to come to Maricá.

In the last 10 years, Maricá has invested in new ventures, such as the R$ 10 million spent on the renovation of the city’s airport so that it serves as a base for transporting employees from Petrobras platforms.

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Niterói and Maricá Will Have a Billion-Dollar Savings from Pre-Salt Funds

Benefiting From Royalties and Special Participation From Pre-Salt, Niterói and Maricá Will Have a Billionaire Savings Over Decades With The Amounts Raised

The Plans of The Municipalities

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Niterói and Maricá Will Have a Billion-Dollar Savings from Pre-Salt Funds

Benefiting From Royalties and Special Participation From Pre-Salt, Niterói and Maricá Will Have a Billionaire Savings Over Decades With The Amounts Raised

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