Friday, 22 November 2024

    Government to Withdraw Shs 445B From Petroleum Fund

    Uganda government will once again withdraw money from the petroleum fund and use it to fund the 2019/2O20 financial year budget.



    According to Bank of Uganda, the government will withdraw 445 billion shillings which will be transferred from the fund to the consolidated fund for the government to pay for the 2019/20 financial year budget activities.

    Paul Lakuma, a research fellow at the Makerere University-based Economic Policy Research Centre (EPRC) said in the ideal situation, Uganda should be keeping that money. 

    However, he said, the country has many gaps, including infrastructure, health, education, and housing.

    He said the question should be whether we are using the money to fund the right development needs.

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