CSOs tell government not to touch oil fund

Uganda might be headed for doom if a report by Transparency International is anything to go by.

The report claims that there is continued extra judicial withdrawals for expenditure from the petroleum fund, something that may cause the country to suffer the oil curse like many other oil rich states in the world.

At a joint press conference, officials from Transparency International and the Anti Corruption Coalition Uganda (ACCU) revealed that Ugandans should be worried about the continued expenditure of oil money without following the due process of the law.

Peter Wandera, the executive director of Transparency International, said Ugandans are set to lose out ultimately if government continues touching this oil money.

Wandera made reference to the absence of an investment advisory committee as prescribed by the Petroleum Management Act.

Cissy Kagaba, executive director of ACCU revealed a worrying trend of diminishing deposits from the Petroleum fund.

She called upon parliament to play its oversight role before Uganda like many other oil rich countries also succumbs to the dreaded oil curse.

“Government has continued to withdraw money from petroleum fund without putting in place clear guidelines to show how oil revenues transferred from the Petroleum Fund to the Consolidated Fund and national budget is used in accordance with section 59 (3) of the PFMA,” she said.

The Ministry of Finance, Planning and Economic Development however dismissed the claims.

The secretary to the treasury Keith Muhakanizi denied making any extra judicial withdrawals asserting that they follow the law to the letter while dealing with oil money.

Muhakanizi said they are working towards the creation of the Investment advisory committee.

 

The post CSOs tell government not to touch oil fund appeared first on Nile Post.