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Delayed oil revenues stifle middle income targets

Reporter by Reporter
July 19, 2018
in Business, National News
0
Paint a clear picture of oil production and its associated revenue – Centre for Energy Governance ED to the President

An oil rig prepares to drill in western Uganda, near the shores of Lake Albert, June 15, 2007. UK-based Tullow Oil has found a natural gas field in one of its exploration blocks in western Uganda, but its size is unknown, a Ugandan government energy official said on July 13, 2007. Picture taken June 15, 2007. REUTERS

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By Damali Mukhaye

The delayed realization of oil and gas revenues has been cited as a major factor that is likely to hinder Uganda’s attainment of the 2020 development targets.

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Patrick Birungi, the Director Development Planning at the National Planning Authority says it was anticipated that commercial oil exploitation would commence by the Financial Year 2018/19 but this is far from being achieved due to a number of infrastructural, logistical and policy hurdles.

He says that non-realization of this revenue means that some priority programs cannot be executed hence affecting the final targets.

Birungi also cites the increasing population as another factor asserting that despite an increase in Gross Domestic Product figures, GDP per capita has not grown that much due to an equally fast growing population at 3% per annum.

 

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