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Tag Archives: Petroleum Fund

Gov’t seeks access to proceeds from sale of crude oil

Kampala, Uganda | THE INDEPENDENT | Government seeks to allow the Uganda National Oil Company (UNOC) access to proceeds from the sale of its interests in the crude oil. The proposal is contained in the Public Finance Management (Amendment), Bill 2021 that was tabled by the Minister of State for Finance, Planning …

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Minister Bahati makes U-turn on Petroleum Fund

Kampala, Uganda | THE INDEPENDENT | The Minister of State for Planning David Bahati says the Petroleum Fund has shillings 70 billion. This is contrary to what he told the parliamentary finance committee last week that the fund had been depleted. Appearing before the budget committee on Tuesday, Bahati backtracked, saying …

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Petroleum Fund exhausted – Minister Bahati

Kampala, Uganda | THE INDEPENDENT  | The government has exhausted resources in the Petroleum Fund, Parliament has learnt. This is after the Minister of State for Planning David Bahati confirmed a zero budget allocation from the fund to support the coming financial year 2020/2021 budget despite previous allocations. “There is …

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Gov’t set to raid Petroleum Fund again

Kampala, Uganda | THE INDEPENDENT  | Uganda government will once again withdraw money from the petroleum fund and use it to fund the 2019/220 financial year budget. According to Bank of Uganda, government will withdraw 445 billion shillings which will be transferred from the fund to the consolidated fund for …

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Uganda’s petroleum fund not growing

Kampala, Uganda | THE INDEPENDENT | Parliament has tasked the government to put in place a Petroleum Investment framework to guide the investment of funds from the Petroleum Revenue Investment Reserve. The decision followed a report indicating that the Petroleum Fund was not growing because funds therein were used to …

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