oil drilling in western Uganda

With Uganda yet to starting drilling and selling oil with the government ready to bag more revenue to increase the country’s resource envelope, the governor of the central bank Emmanuel Mutebile is advising the government to invest oil revenue in activities that will generate revenue in future.

According to Mutebile, oil is one of those resources that gets finished and if the revenue collected from the resource is not fully put proper use then the country is likely to go to scratches and asking for donation.

Mutebile also tasks govt not to keep oil money in foreign countries sayingit should be kept in Uganda since we are still a developing country which can call for its money in case we need it.

However, he reveals that the central bank is currently in discussions with government on how to finance govt expenditure which will see the bank go to the reserves to finance the budget a thing which was last done in 1992.

Ultimate Media