- Libyan parliament has put on hold the implementation of Muammar Gaddafi's ambitious plan to distribute oil proceeds among the people, state media has reported.
In September last year, President Gaddafi promised to distribute oil revenues to all citizens as part of a political reform and to root out endemic corruption in government the beginning of 2009, marking the anniversary of a coup that brought him to power on 1 September, 1969.
Libya's official Jamahiriya News Agency said that 251 of the 468 of the country's Basic People's Congresses had approved the plan in principle, but voted to delay implementation until special measures are set in place.
The Libyan leader, who has strongly advocated for the country to hand out oil revenues to the people would have distributed about US$32 billion this year alone to the ordinary citizens.
The country's five million people has about a million of the poorest who could reportedly receive up to 30,000 dinars ($22,990) a year each if the parliament would endorse the revenue plan.
The president’s plan was initially planed to afford Libyans an opportunity to create their own investments and businesses with the money.
Mr Gaddafi had accused state bank officials of having stolen millions in public funds and with further complaints by Libyans of corruption, mismanagement and nepotism on state assets.
Much of what Col Gaddafi said endorsed the recent calls made by his son, Sayf al-Islam Gaddafi who announced his retirement from politics in August.
Libya currently produces around 1.8 million barrels a day of crude oil.
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