{"id":1172,"date":"2024-06-14T17:35:30","date_gmt":"2024-06-14T17:35:30","guid":{"rendered":"https:\/\/govinfohub.go.ug\/?p=1172"},"modified":"2024-06-17T17:54:37","modified_gmt":"2024-06-17T17:54:37","slug":"oil-revenue-to-relieve-govt-of-external-debt-museveni","status":"publish","type":"post","link":"https:\/\/govinfohub.go.ug\/index.php\/2024\/06\/14\/oil-revenue-to-relieve-govt-of-external-debt-museveni\/","title":{"rendered":"Oil revenue to relieve gov&#8217;t of external debt &#8211; Museveni"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1172\" class=\"elementor elementor-1172\">\n\t\t\t\t<div class=\"elementor-element elementor-element-93caa44 e-flex e-con-boxed e-con e-parent\" data-id=\"93caa44\" data-element_type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2afba9b7 elementor-widget elementor-widget-text-editor\" data-id=\"2afba9b7\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.22.0 - 17-06-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>President Yoweri Museveni has stated that the country will earn US$2 billion per annum once oil production starts in 2025.<br \/>Museveni said that this revenue will be devoted to infrastructure and science development.<br \/>President Museveni said investing US$2 billion in the two sectors will significantly relieve government of external borrowing and external debt.<br \/>Museveni made these assurances after the Minister of Finance, Hon. Matia Kasaija delivered the 2024\/2025 budget to the House at a sitting chaired by Speaker Anita Among at Kololo Independence Grounds on Thursday, 13 June 2024.<br \/>According to the Ministry of Finance, Planning and Economic Development Uganda\u2019s debt burden stands at Shs93.38 trillion as of December 2023.<br \/>Out of this, Shs55.37 was external debt which the President said should cease.<br \/>\u201cIf the NRM will be in charge, we shall use the oil money for strategic items such as infrastructure and science development; this business of borrowing should stop,\u201d Museveni emphasised.<\/p>\n<!-- \/wp:paragraph --><!-- wp:image {\"id\":1174,\"width\":\"837px\",\"height\":\"auto\",\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full is-resized\">\n<figure id=\"attachment_1174\" aria-describedby=\"caption-attachment-1174\" style=\"width: 750px\" class=\"wp-caption alignnone\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-1174\" style=\"width: 837px; height: auto;\" src=\"https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/The-Vice-President-HE-Jesca-Alupo-L-Prime-Minister-Rt.-Hon-Robinah-Nabbanjja-C-and-the-2nd-Deputy-Premier-Moses-Ali-at-the-presentation-of-the-budget-at-Kololo.jpeg\" alt=\"\" width=\"750\" height=\"350\" srcset=\"https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/The-Vice-President-HE-Jesca-Alupo-L-Prime-Minister-Rt.-Hon-Robinah-Nabbanjja-C-and-the-2nd-Deputy-Premier-Moses-Ali-at-the-presentation-of-the-budget-at-Kololo.jpeg 750w, https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/The-Vice-President-HE-Jesca-Alupo-L-Prime-Minister-Rt.-Hon-Robinah-Nabbanjja-C-and-the-2nd-Deputy-Premier-Moses-Ali-at-the-presentation-of-the-budget-at-Kololo-300x140.jpeg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-1174\" class=\"wp-caption-text\">The Vice President, HE Jesca Alupo (L), Prime Minister, Rt. Hon Robinah Nabbanjja (C) and the 2nd Deputy Premier Moses Ali at the presentation of the budget at Kololo<\/figcaption><\/figure>\n<figcaption class=\"wp-element-caption\"><\/figcaption>\nMuseveni said that government will invest the revenues from oil in infrastructure such as the Standard Gauge Railway which will enhance Uganda\u2019s potential to create wealth and reduce borrowing.<br \/>In the 2024\/2025 financial year, government has allocated over Shs920 billion for the oil and gas sector to realise the \u2018first oil\u2019.<br \/>\u00a0Kasaija said this is possible with the progress made in the construction of East African Crude Oil pipeline (EACOP) project where 500km of pipeline have been delivered in Tanzania.<br \/>Kasaija added that in the new financial year, government will focus on developing an EACOP hub in Tanga and continuous construction of the pipeline.<br \/>In addition to the oil sector, tourism, mechanised agriculture and minerals development were highlighted as key drivers to catapult the size of the economy to US$500 billion in the next one and a half decades.<br \/>\u201cWe are lucky we have the rains but sometimes we get less rains and get into food crisis. We must have complementary agricultural arrangements, such that when rains do not come, there is a standby irrigation system,\u201d the President said.<\/figure>\n<!-- \/wp:image --><!-- wp:paragraph --><!-- \/wp:paragraph --><!-- wp:image {\"id\":1173,\"width\":\"856px\",\"height\":\"auto\",\"sizeSlug\":\"full\",\"linkDestination\":\"none\"} -->\n<figure class=\"wp-block-image size-full is-resized\">\n<figure id=\"attachment_1173\" aria-describedby=\"caption-attachment-1173\" style=\"width: 750px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-1173\" style=\"width: 856px; height: auto;\" src=\"https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/Some-of-the-army-representatives-in-Parliament-salute-as-the-anthems-are-played.jpeg\" alt=\"\" width=\"750\" height=\"350\" srcset=\"https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/Some-of-the-army-representatives-in-Parliament-salute-as-the-anthems-are-played.jpeg 750w, https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/Some-of-the-army-representatives-in-Parliament-salute-as-the-anthems-are-played-300x140.jpeg 300w\" sizes=\"(max-width: 750px) 100vw, 750px\" \/><figcaption id=\"caption-attachment-1173\" class=\"wp-caption-text\">Some-of-the-army-representatives-in-Parliament-salute-as-the-anthems-are-played<\/figcaption><\/figure>\n<\/figure>\n<!-- \/wp:image --><!-- wp:paragraph -->\n<p>Speaker Among on her part urged members to avoid any inducements and called on accounting officers to report cases of extortion.<br \/>\u201cWe have urged accounting officers to share with the leadership of the legislature any incidences of influence peddling. However, we have not received any such information. We urge accounting officers to maintain open channels of communication with the leadership of the legislature in pursuit of greater transparency and accountability,\u201d Among said.<br \/>She called on legislators to walk in accordance with the code of conduct prescribed for them and uphold integrity of the rule of law.<\/p>\n<p>Source:<a href=\"https:\/\/www.parliament.go.ug\/news\/7309\/oil-revenue-relieve-govt-external-debt-museveni\">https:\/\/www.parliament.go.ug\/news\/7309\/oil-revenue-relieve-govt-external-debt-museveni<\/a>\u00a0<\/p>\n<!-- \/wp:paragraph -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>President Yoweri Museveni has stated that the country will earn US$2 billion per annum once oil production starts in 2025.Museveni said that this revenue will be devoted to infrastructure and science development.President Museveni said investing US$2 billion in the two sectors will significantly relieve government of external borrowing and external debt.Museveni made these assurances after [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1175,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2,31],"tags":[],"class_list":["post-1172","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Oil revenue to relieve gov&#039;t of external debt - Museveni - Published By UPPC<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/govinfohub.go.ug\/index.php\/2024\/06\/14\/oil-revenue-to-relieve-govt-of-external-debt-museveni\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Oil revenue to relieve gov&#039;t of external debt - Museveni - Published By UPPC\" \/>\n<meta property=\"og:description\" content=\"President Yoweri Museveni has stated that the country will earn US$2 billion per annum once oil production starts in 2025.Museveni said that this revenue will be devoted to infrastructure and science development.President Museveni said investing US$2 billion in the two sectors will significantly relieve government of external borrowing and external debt.Museveni made these assurances after [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/govinfohub.go.ug\/index.php\/2024\/06\/14\/oil-revenue-to-relieve-govt-of-external-debt-museveni\/\" \/>\n<meta property=\"og:site_name\" content=\"Published By UPPC\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-14T17:35:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-17T17:54:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/govinfohub.go.ug\/wp-content\/uploads\/2024\/06\/President-Museveni-L-arrives-at-Kololo-with-the-First-Lady-Janet-Museveni.-Following-them-is-the-Speaker-Anita-Among-and-he-deputy-Thomas-Tayebwa.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/govinfohub.go.ug\\\/index.php\\\/2024\\\/06\\\/14\\\/oil-revenue-to-relieve-govt-of-external-debt-museveni\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/govinfohub.go.ug\\\/index.php\\\/2024\\\/06\\\/14\\\/oil-revenue-to-relieve-govt-of-external-debt-museveni\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\\\/\\\/govinfohub.go.ug\\\/#\\\/schema\\\/person\\\/d0238d8ba6a1b82a3e6ed62ebe062458\"},\"headline\":\"Oil revenue to relieve gov&#8217;t of external debt &#8211; 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