Uganda Eyes Oil Revenue for Economic Transformation and Infrastructure Development

President Yoweri Museveni has articulated a vision for Uganda’s economic future, heavily reliant on the anticipated revenues from the nation’s burgeoning oil sector. Speaking at the Kololo Ceremonial Grounds, the President emphasized that these funds are earmarked for significant infrastructure development, laying the groundwork for a robust economic transformation.

He informed Parliament that an estimated $1.5 billion annually from the government’s share of oil revenue could be strategically invested. Museveni proposed the creation of a sovereign wealth fund, cautioning against frivolous spending and instead advocating for investment in essential projects such as the railway system. Commercial production from oil fields is expected to commence in the latter half of 2026, marking a pivotal moment for the Ugandan economy.

Beyond economic matters, the President addressed the Ebola epidemic, expressing cautious optimism that the country has overcome the worst. He highlighted the recent period of no new infections and urged continued adherence to health ministry guidelines, noting that early reporting and proper management can lead to recovery. Measures like avoiding handshakes and hugs were reinforced to curb transmission.

President Museveni also detailed ongoing cooperation with Congolese authorities to manage the disease along the shared border, including the establishment of treatment centers in the Democratic Republic of Congo. Furthermore, he declared a firm stance against corruption, calling upon Members of Parliament to join the fight against the vice and echoing the Speaker’s commitment to safeguard public funds.

This strategic allocation of oil revenue aims to fuel infrastructure, foster economic growth, and ensure the nation’s prosperity for years to come.

Source: Parliament of Uganda