News
West: Uganda all set to triumph over ‘oil curse’
An oil rig prepares to drill oil in western Uganda near the shores of L. Albert.
Posted Monday, June 1 2009 at 00:00
Norway is training accounting officers from the Auditor General’s Office, the Uganda Revenue Authority and the Ministry of Finance, who will handle the oil proceeds, said a ministry source.
The policy designates the Uganda Revenue Authority as the agency responsible for collection of oil revenue, which will then be channelled to the Ministry of Finance to manage budget allocations.
The Bank of Uganda will manage the Petroleum Fund. It will also ensure that inflation is kept to at a minimum by influencing positive movements of interest rates and creating incentives for the development of other sectors.
Uganda’s current import bill for petroleum products is in excess of $400 million per annum, constituting over 15 per cent of the total import bill.
Additional reporting by Michael Wakabi
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