KAMPALA — The Minister of State for Finance (General Duties), Henry Musasizi, has said the government has established and coordinated a multi-sectoral institutional framework to ensure effective management, investment and transparent reporting of Uganda’s petroleum revenues as the country prepares for first oil.
Musasizi made the remarks during a meeting with the Parliament of Uganda Committee on Finance, which convened to discuss the annual report of the Petroleum Fund.
“Government, in preparation for first oil, established, trained and coordinated a multi-sectoral institutional framework to ensure effective management, investment and transparent reporting on Uganda’s petroleum revenues,” Musasizi said.
He was accompanied by technical teams from the Uganda Revenue Authority (URA), the Petroleum Authority of Uganda (PAU) and the Uganda National Oil Company (UNOC).
Sources of Petroleum Fund Revenue
The Minister explained that the primary sources of revenue to the Petroleum Fund include tax revenues from companies engaged in petroleum exploration and development.
He added that non-tax revenues contribute significantly to the fund, including proceeds from the sale of geological data, surface rentals, training and licensing fees, signature bonuses and related charges.
Transfers to Consolidated Fund and UNOC
In line with Section 56 of the Public Finance Management Act (PFMA) Cap 171, Musasizi disclosed that Shs115.4 billion was transferred from the Petroleum Fund to the Consolidated Fund to support the national budget for the Financial Year 2024/2025.
An additional Shs166.5 billion was transferred to support the operations of the Uganda National Oil Company during the same period.
Fund Value Declines
Musasizi reported that as of June 30, 2025, the Petroleum Fund stood at Shs131.27 billion, compared to Shs145.98 billion the previous year.
He emphasised that the statutory semi-annual and annual financial statements for both the current and prior periods were prepared and audited by the Auditor General, in compliance with the law.
The update comes as Uganda edges closer to commercial oil production, with government officials reiterating their commitment to accountability and prudent management of petroleum revenues to support long-term economic transformation.