President Yoweri Museveni has outlined plans to leverage anticipated oil revenues to fund critical infrastructure projects and drive economic growth.
He emphasised the strategic importance of managing these funds responsibly, potentially through a sovereign wealth fund, to avoid wasteful expenditure.
President Yoweri Museveni has expressed optimism that Uganda’s upcoming oil revenues will serve as a catalyst for significant economic development, particularly in the realm of infrastructure.
During a recent address to Parliament at Kololo Ceremonial Grounds, following the presentation of the National Budget for the Financial Year 2026/2027, the President stressed the strategic need to prudently manage the country’s anticipated oil earnings. He estimated the government’s share of oil revenue to be around $1.5 billion annually.
“With the oil money, an extra $1.5 billion per year as the government’s share of oil revenue, I will discuss with you how to use this money; to create some sovereign fund instead of using the money to buy perfumes, whiskeys,” he stated.
President Museveni indicated that these funds are earmarked for “mega infrastructure projects” that will lay the groundwork for the nation’s economic transformation. He specifically mentioned the development of the railway system as a key priority, with commercial oil production anticipated to commence in the latter half of 2026.
In addition to economic matters, the President provided an update on the Ebola epidemic, suggesting that the country may have passed the peak of the outbreak. He reported no new infections in the preceding five days and urged continued adherence to Ministry of Health guidelines, while maintaining cautious optimism.
He also highlighted collaborative efforts with Congolese authorities to establish border treatment points, aimed at containing the spread of the disease through illegal immigration.
Furthermore, President Museveni took a strong stance against corruption, calling for the support of Members of Parliament in combating the vice and safeguarding public funds.
