The Minister of State for General Duties, Henry Musasizi, has said the Uganda Government, in preparation for first oil production, established, trained, and coordinated a multi-sectoral institutional framework to ensure effective management, investment, and transparent reporting of the country’s petroleum revenues.
Musasizi made the remarks today while appearing before the Parliamentary Committee on Finance to discuss the annual report of the Petroleum Fund.
The Minister, accompanied by officials from the Uganda Revenue Authority, the Petroleum Authority of Uganda, and the Uganda National Oil Company, said the primary sources of revenue to the Fund include tax proceeds from companies engaged in petroleum exploration and development, as well as non-tax revenues.
He explained that non-tax revenues are generated from the sale of data, surface rentals, training and licensing fees, signature bonuses, and related charges.
In line with Section 56 of the Public Finance Management Act (PFMA), Cap 171, Minister Musasizi said Shs115.4 billion was transferred from the Petroleum Fund to the Consolidated Fund to support the annual budget, while Shs166.5 billion was allocated to support operations of the Uganda National Oil Company for the Financial Year 2024/2025.
He further noted that as of June 30, 2025, the Petroleum Fund stood at Shs131.27 billion, down from Shs145.98 billion recorded the previous year.
He added that the statutory semi-annual and annual financial statements of the Fund for both the current and prior periods were prepared and audited by the Auditor General.
