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Brazil set to boost education with oil royalties
April 30, 2013, 8:21 am


Brazil is expected to become self-sufficient in oil by-products by 2020, says Jose Formigli [AP Images]

Brazilian President Dilma Rousseff says government will resubmit a bill to Congress demanding oil royalties be invested exclusively in education.

“In the matter of education, we are stubborn, we are insistent, and we will present a new bill for the resources to be spent exclusively on education,” she told a ceremony for the presentation of a fleet of school buses in the southern Mato Grosso do Sul state.

Brazil’s economy struggled with a sluggish 0.9 per cent growth last year – the worst performance in three years.

According to the latest International Monetary Fund (IMF) projections, the Brazilian economy will expand three per cent this year and four per cent in 2014.

No country can revive without focusing on full-time education, said President Rousseff, adding that both families and the government must prioritise education from the very first years of schooling.

It is the government’s second attempt to earmark oil revenue for education, after Congress amended the original bill to give state and municipal authorities the power to decide how to spend the money.

Meanwhile, Jose Formigli, director of Petrobras’ exploration and production division, said on Monday that Brazil would achieve energy independence next year as the corporation is boosting its oil production capacity.

Brazil is expected to become self-sufficient in oil by-products by 2020, when two oil refineries are put into operation, Formigli said.

Source: Agencies