Revenues from oil will catapult Uganda to a first world country, says Nabakooba

Uganda has embarked on the journey of becoming a first world country thanks to the anticipated revenues from the oil windfall, the minister of ICT and National Guidance, Judith Nabakooba said yesterday.

Addressing the media, Nabakooba said the oil project opens the doors for Uganda to transform her economy.

"Revenue from this oil will enable us transition into a first world country with high quality services in all sectors.The public should understand that Uganda has laws that define how revenue from oil will be monitored, audited and utilised,"she noted.

Nabakooba said that the Public Finance Management Act 2015 provides for sharing of revenues between central government, local government and cultural institutions.

She said that this investment will definitely benefit the people of Uganda and Tanzania adding that the oil companies are going to invest close to $10 billion in the construction phase of the pipeline.

"For Uganda alone, it will provide the resources we need to start our initial plan to build a refinery.The oil refinery will ensure that the country maximises benefits that come with the oil,"she said.

"The design of the refinery is now 90% complete meaning that the construction will begin anytime. We expect to have new roads,new towns with hotels communities with better health and education facilities emerging along the pipeline routes,"she said.

Nabakooba appealed to all Ugandans to position themselves in a such a way that they can benefit fully from the the project.

For the ordinary Ugandans, Nabakooba stated that there are many things about this agreement that they need to be happy about.