Terengganu to reduce dependency on oil royalties in 2024, says Samsuri

The menteri besar says his state government’s comprehensive plan seeks to optimise existing resources and explore new income streams.

(FMT) – The Terengganu state government is set to enhance the state’s income through the “Pelan Penjanaan Pendapatan Baharu” to reduce dependence on petroleum and gas royalty income, says menteri besar Ahmad Samsuri Mokhtar.

Samsuri said the plan, comprising seven strategies, focused on three main objectives — optimising existing resources, exploring new sources and seeking opportunities to generate new income.

“In the previous term, Terengganu successfully reduced its dependency on royalties by 3-4%. We are optimistic that it can be further reduced with our planned strategy,” he said in a New Year message on Facebook.

In October, Samsuri had told the state assembly that Terengganu had received RM405 million in “wang ihsan” from the federal government from December 2022 until September this year. It was paid in six instalments.

Samsuri, who is Kemaman MP, also said the state government was drawing up plans to confront economic challenges expected to be faced over the next five years.

He said they need to be prepared and open-minded to undergo a paradigm shift in thinking and way of doing things in line with changing circumstances, adding that this task would not be easy and there would be many challenges.

To ensure the success of the state government’s plans and agenda, Samsuri urged all parties at all levels to work wisely and collaborate closely with various agencies.

This required critical thinking and analytical skills, along with interpersonal skills, he added.

“We must make adjustments in how we provide services to always be responsive, efficient, fast and effective in meeting the needs and expectations of the people we serve,” he added.