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Syda Bbumba says Uganda to use oil for development

Uganda finance minister says Uganda oil going to be a blessing

The Uganda minister of finance Hon. Syda Bbumba has indicated that the recent discovery of oil in the Albertaine region of western Uganda will be a blessing to the country’s economy because of the good oil management systems the government is putting in place.

Oil drilling at Kingfisher in Hoima Uganda

oil drilling in western Uganda

Activists and opposition politicians have been expressing fears that Uganda’s oil will be a curse to the country because of lack of transparency in the oil deals and poor management strategies in place to manage the revenues.

Bbumba while reading the 2010/11 Uganda budget at Kampala Serena Hotel says, in line with the Uganda oil and gas policy already in place, government will priotise the funding legal and institutional infrastructure to ensure proper management of Uganda oil revenues.

She says emphasis will be put on assessment, collecting and accounting for oil money based on the agreed international standards.

She says in the 2010/11 financial year government will focus on amending the Public finance act to ensure it is in line with international best practices like transparency and accountability.

See full budget speech

By Ultimate Media

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