President Yoweri Museveni has re-affirmed his earlier position that Uganda will not spend any of her oil revenue on consumables. He said the country will dedicate the revenue from the oil resource to specific areas that propel national growth and form the backbone to national prosperity.
He was speaking at the opening of the second Uganda International Oil and Gas Summit at the Kampala Serena Hotel.
The President announced that Uganda’s oil revenues will be consolidated into a fund that will be dedicated to the development of infrastructure adding that particular attention will be given to such areas like electricity, the railway, roads, developing the human resource, scientific innovation and agricultural modernisation especially working on the irrigation system to mitigate the danger of delayed rains with a view to ensuring that farmers can do agriculture all the year round.
He told the participants that as the country embarks on commercial oil production, Ugandans must know that the country cannot survive on oil revenue and noted that the oil and gas revenue will be integrated into the national economy to form part of the base to country’s modernisation agenda.
“Petroleum is a small aspect of a big story of prosperity because it cannot even be important more than agriculture. It will only help us get quick money that we should use to build a durable economic base for Uganda for today’s and future generations,” he said.
President Museveni further informed investors and stakeholders involved in the oil and gas sector in Uganda not to look at that the oil and gas sector and in isolation to the other country’s resources saying the oil sector should be put in a regional perspective as most of the country’s neighbours have proven oil deposits that can be tapped.
He warned government officials against frustrating investors and further reminded them that in an economy like Uganda’s, which is private sector led, investors should be given all the needed information and support to facilitate investment because failure to do that is tantamount to great disservice to the country.