On Efficient Use of Oil and Gas Proceeds of the National Welfare Fund

The article is devoted to the analysis of recent changes related to the effective use of excess profits in the oil and gas sector. The article analyzes the difficulties associated with the creation and operation of monetary reserves, which are replenished mainly from income received from the oil and gas industry. The author suggests ways to further reform the national welfare Fund through solving practical problems faced when using funds from the National Welfare Fund (hereinafter – NWF). As a result, unique approaches have been developed to address the identified problematic issues. Conclusions are drawn about the need for further reform of the NWF in order to ensure stability, economic security of the population and future generations.