Putrajaya slash debt repayment for Terengganu

Putrajaya has slash its debt repayment obligations cut from the oil royalties to Terengganu.

Previously, Putrajaya would take 25 percent out of the oil royalties owed to the state.

This figure has been slashed to five percent, according to Terengganu Menteri Besar Ahmad Samsuri Mokhtar.

He said this was decided following his meeting with Prime Minister Muhyiddin Yassin and Finance Minister Zafrul Abdul Aziz today.

"Good news for the people of Terengganu," wrote Samsuri after the meeting.

Last year, the estimated oil royalty payout for Terengganu was RM1.28 billion, up from RM1.053 billion the year before.

The Terengganu government is entitled to 5 percent of total petroleum output.

However, up until today, a quarter of the oil royalty is used to service its debt to the federal government.

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