“NIRC, combined with operating revenue, form the total revenue that is used to meet annual public spending and contributes to the government’s overall fiscal position,” it said. “The NIRC has provided an annual revenue stream of about 3.5 per cent of gross domestic product (GDP) on average over the past five years.”
It added that no proportion of the NIRC is earmarked for specific spending items, or for transfer into any specific funds.
“Instead, a portion of the annual Budget as a whole may be used to top up funds. Hence, it is incorrect to state that most of the NIRC has been transferred into long-term funds.”
It added that it is also false to imply that money transferred into such long-term funds does not contribute to “actual spending”.
Money transferred to all funds, including long-term funds, contribute to the disbursements from such funds, and accordingly contribute to “actual spending” which benefit Singaporeans,” it said.
ON RIDOUT ROAD RENTALS
Mr Jeyaretnam also claimed that the Singapore Land Authority (SLA) gave preferential treatment to Ministers K Shanmugam and Vivian Balakrishnan by renting out the properties at 26 and 31 Ridout Road below market value while charging the Housing and Development Board (HDB) inflated prices for land.
The statement on Factually said this was untrue, and noted that similar statements he made in earlier publications have been clarified.
“He continues to make such statements with utter disregard for the facts,” it said. “He repeatedly omitted the facts and clarifications, rather than provide them and let the readers draw their own conclusions.
“Mr Jeyaretnam’s campaign of posting false statements misleads Singaporeans on the way that SLA works, as well as on the State’s land sale and property rental policies.”
It cited the review conducted by Senior Minister Teo Chee Hean, which concluded that the rentals for both properties were based on fair market value and not below market valuation.”There was no evidence that the Ministers were given favourable rental rates due to their position,” it said.