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Oil revenue will be audited twice a year - GovtPublish Date: Dec 10, 2013
Oil revenue will be audited twice a year - Govt
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By David Mugabe

Government has given further assurances that revenues from oil will be ring fenced and its disbursement overseen by parliament.

Answering questions about the potential of abuse of the enormous revenue that will accrue from the discovered oil, finance minister Maria Kiwanuka on Tuesday said all efforts will be geared towards transparent use of the oil resources.

“All the oil revenue will be put into a petroleum reserve fund which be audited by the auditor general twice a year. This will then be presented to parliament,”

“Parliament will consider the use of those monies,” said Kiwanuka. Kiwanuka was speaking to media alongside visiting World Bank vice president for Africa region Makhtar Diop. Diop is visiting as part of celebrations to mark 50 years of World Bank presence in Uganda.

Kiwanuka explained that other expenditures will also be decided by parliament.

“They could say, let us put it in a sovereign fund, there will be no secretive company that sits somewhere with a shadowy board,” said Kiwanuka.


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