In the session of the Singapore Parliament on Wednesday, discussions on the motion filed by Non-constituency Member of Parliament Leong Mun Wai concerning the nation's public finances saw a keen exchange between Associate Professor Jamus Lim, Member of Parliament from the Workers' Party, and Mr Vikram Nair, MP from the People's Action Party representing Sembawang GRC.

Mr Nair, in his speech for the debate, challenged the Workers' Party's stance on the necessity of knowing the size of the nation's reserves for prudent spending decisions. He argued that without the intention to utilize the principal amount, the relevant figures for fiscal planning would solely be the Net Investment Returns Contribution (NIRC), which has already been disclosed.

In response, Assoc Prof Lim sought clarification on two points. He first addressed Mr Nair's implication that there is no need for additional government spending or funding, contrasting this with the recent increase in the Goods and Services Tax (GST), which he attributed to fiscal tightness.

He subtly questioned the coherence of Mr Nair's argument with the government's actions, inviting an official clarification on the matter.

Assoc Prof Lim's second point contested Mr. Nair's assertion regarding the sufficiency of knowing only the NIRC for financial planning.

He challenged the notion that the principal amount's size is irrelevant to discussions about the NIRC's contribution to the budget, suggesting that a comprehensive understanding of the reserves would inform more nuanced fiscal strategies.

Mr Nair, in his follow-up, reiterated his initial stance, suggesting that the current financial strategy, which does not involve tapping into the principal, renders the debate on the need for detailed reserve sizes moot.

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