oil drilling in western Uganda

With Uganda yet to starting drilling and selling oil with the government ready to bag more revenue to increase the country’s resource envelope, the governor of the central bank Emmanuel Mutebile is advising the government to invest oil revenue in activities that will generate revenue in future.

According to Mutebile, oil is one of those resources that gets finished and if the revenue collected from the resource is not fully put proper use then the country is likely to go to scratches and asking for donation.

Mutebile also tasks govt not to keep oil money in foreign countries sayingit should be kept in Uganda since we are still a developing country which can call for its money in case we need it.

However, he reveals that the central bank is currently in discussions with government on how to finance govt expenditure which will see the bank go to the reserves to finance the budget a thing which was last done in 1992.

Ultimate Media

The post Uganda advised to invest oil revenues in future income generating projects first appeared on Uganda Multimedia News & Information.

Segona told journalists that the kingdom of Bunyoro should have a percentage on the oil sharing mentioned in the oil agreement  since it owns the land where oil is found so as the oil resources benefit people of Bunyoro.

He says by only considering the central government and local government it clearly shows that the government and oil companies are leaving out the local people.

Segona says that if government continues with the current arrangements Uganda might face the disasters which comes with oil resource like Nigeria where people in oil producing areas stage wars in order to benefit from oil resources.

Segona also expressed concern about how oil money will be spent without legal framework. He says that Uganda has started getting money yet there is no law to manage it.

He says that government should come and explain the circumstances under which Uganda is spending the money and called upon government to quickly enact the law on oil and gas.

According to reports government will get a share of 85% oil resources and local government  get 15%.

By Isaac Senabulya

The post Former Buganda Minister wants Bunyoro kingdom to benefit from oil revenues first appeared on Uganda Multimedia News & Information.