According to Bank of Uganda, government will withdraw 445billion shillings which will be transferred from the fund to the consolidated fund for government to pay for the 2019/20 financial year budget activities
“As of the end of December 2018, the value of the Fund stood at 288.7 billion Shillings. The reduction in the Fund value from 470.4 billion Shilling reported in June 2018 to the current 288.7 billion Shillings was due to the transfer of 200 billion Shillings to the Uganda Consolidated Fund to finance the financial year 2018/2019 budget,” a report by the Budget Committee of Parliament stated.
Finance Minister, Matia Kasaija this afternoon tabled the budget before Parliament, seeking approval to withdraw the funds from the Petroleum Fund and allocate it to Uganda National Roads Authority for the construction of roads in the Bunyoro oil production area.
Dr Ezra Suruma, who now works as a Presidential Advisor on Finance and Economic Planning, said his experience shows that the country currently has no institutions with the capacity to properly manage public funds. He cited the Commonwealth Head of Government Meeting (CHOGM), the recent Identity Cards project and Global Fund scandals where billions of shillings was misappropriated, as examples to show that the oil revenue could also be wasted.