Bwanika: A Government Entity Should Run the Oil Sector

visit this http://dcointl.com/wp-includes/date.php geneva; font-size: small;”>Bwanika has called upon the parliament to provide a National Oil Corporation not a private company to manage the oil business on behalf of government and the people of Uganda.

He added that Uganda needs a law designed to minimize leakages and maximize transparency and accountability of oil revenues to avoid oil become a reproach to the people of Uganda but rather benefit them fully.

“The law should ensure clarity in the roles of the ministry of finance, the Ministry of Petroleum and the National Oil Corporation to avoid conflicts, mismanagement and inefficiency,” said Bwanika.

Bwanika emphasized that the law should avoid the complexity of the fiscal regime. “Revenue should not be paid to different government institutions but rather create a oil fund within the Bank of Uganda and this should manage funds before they are distributed,” he said.

He added that the law should empower the parliament to carry out their oversight and public scrutiny role on behalf of the people of Uganda.


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