The National Planning Commission (NPC) has clarified that the recent remarks on borrowing against future oil and gas revenues were taken out of context. NPC director general Kaire Mbuende’s clarification follows criticism from the Independent Patriots for Change (IPC), which accused Mbuende of proposing that Namibia should borrow against future oil revenues despite uncertainty surrounding the sector. The clarification comes after IPC parliamentarian Rodney Cloete said Mbuende’s reported remarks contradicted Bank of Namibia governor Ebson Uanguta’s recent warning against borrowing “in the name of oil” before production begins. Cloete said Namibia’s public debt already stands at 65.2% of gross domestic product, or N$174.6 billion, arguing that borrowing against future oil revenues before production starts would expose the country to greater fiscal risks. He called on the government to refrain from borrowing against future oil revenues until at least one major project reaches a final investment decision and parliament adopts petroleum revenue management legislation.