By ISMAIL MUSA LADU

Kampala. Ugandans deserves to know how the money accrued from oil resource will be spent, the French ambassador to Uganda, has said.
Speaking during an event to launch the operations of Mazar, a French global audit, accounting and consulting firm, Ms Stephanie Rivoal, said the time was now for government to begin engaging the population on how the proceeds recouped from oil resource will be spent.
“Governments have to be … clear [on oil revenues] and [ensure that] oil companies are scrutinised,” she said, noting that three conditions such as transparency, policy and solid institutions are necessary to successfully manage the oil and gas resources.

“… Angola, despite being the second largest oil producing country in the world, has one of the worst Human Development Index. Where does the money go? Does the population see the colour of the money?” she wondered.
Uganda is expected to begin producing commercial oil by 2023. The country’s oil capacity is estimated at 6.5 billion barrels.
Amb Rivoal, said transparency in the oil sector will be a key factor on ensuring that proceeds are put to proper use.

A number of Ugandans are concerned over the secrecy that has been exhibited by government especially in the oil sector.
Currently not many Ugandans are aware of the contents of the oil agreements government has signed with different companies.
Bank of Uganda governor Emmanuel Tumusiime-Mutebille has over the years insisted that government must ensure that Ugandans understand how oil revenues will be used.
“The money [should] be geared towards development of social goods such as roads, hospitals and schools among other social benefits that is the responsibility of the State to provide,” he said in a recent interview.

Source – Daily Monitor

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