Brazil president hails oil royalties law

Brazilian President Dilma Rousseff has hailed the passage of a law that allocates the countryâ„¢s oil royalties to education and healthcare as an Å“historic victory.”

During her weekly radio address on Monday, Rousseff praised Congressâ„¢ approval of the law that will reserve 75 percent of oil royalties for education and 25 percent for health care.

“For me and my government education is the principal pillar to transform Brazil into a great nation, assuring that our people are freed from poverty,” said Rousseff.

As a result of the new law, about USD 800 million from oil royalties is expected to be added into next yearâ„¢s budget for the two sectors.

In addition, Rousseff said additional royalties could yield between USD 150 to 300 billion over the next 35 years from a series of new offshore oil fields, which are to be open for bidding starting in October.

This was the first concrete response to the massive protests that erupted in June, where demonstrators demanded more public spending on schools, public health and transportation.

The protesters also opposed to the spending of over USD 26 billion of public money on the two major sporting events of the 2014 FIFA World Cup and the 2016 Olympic Games.

The nationwide protests led to Rousseffâ„¢s approval rating to fall by nearly 30 percent in June. According to a poll conducted by the Datafolha Research Institute, Rousseffâ„¢s popularity rating at the beginning of the month registered at 57 percent and by the end, on June 29, the number dropped to 30 percent.

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Republished from: Press TV