Every adult citizen in Guyana to receive one-off $100,000 cash grant as government shares benefits of oil wealth

IN a significant move to ensure the benefits of the country’s booming oil wealth reach all its citizens, President Irfaan Ali has announced a one-off $100,000 cash grant for every adult citizen in Guyana.

This initiative is part of the government’s broader strategy to share the economic windfall from Guyana’s rapidly growing oil industry.

Initially, the government had planned a $200,000 cash grant for every household, but this plan was abandoned to avoid administrative complications and potential conflicts.

“This also addresses the many concerns of young people who may not yet have a family but thought…that they will not benefit from the household allocations because they were not yet the head of the household. This new initiative will now take into consideration and expand the benefit to those young professionals also,” President Ali explained.

The cash grant will be available to all Guyanese citizens aged 18 and older, effective from January 1, 2024.

To receive the grant, citizens will need to present a valid national ID card or passport. The grant, which is worth approximately £369, will be distributed in person, and there are no residency requirements for Guyanese citizens living abroad.

“My government will now expand this benefit by providing a one-off cash grant of $100,000 to every citizen of Guyana 18 years and above, as of the 1st of January 2024 with a simple means of clarification being possession of a national valid identification card and/or a valid passport,” President Ali stated.

This cash grant is just one element of a larger effort to ensure the benefits of Guyana's oil industry are felt across the population. Since the discovery of over 11 billion barrels of oil offshore in 2015, the country’s economy has experienced a boom, with Guyana’s GDP growing by an unprecedented 62.3% in 2022—the highest in the world.

In addition to the cash grant, Vice President Bharrat Jagdeo confirmed that Guyanese citizens living abroad will be eligible to collect the grant, provided they possess a valid national ID or passport and can travel to Guyana for the registration process.

This initiative is the latest in a series of measures by the government to improve the lives of its citizens, including the removal of more than 200 taxes and fees. Furthermore, President Ali recently announced that starting in January 2025, tuition fees at the University of Guyana and all government technical institutions will be abolished.

These initiatives underscore the government's commitment to using the nation’s oil wealth to uplift every Guyanese citizen, ensuring that all benefit from the country’s newfound prosperity.