Kivumbi Calls for Enhanced Auditing in Oil and Gas Sector

Kivumbi has urged the government to focus on reducing expenditures and strengthening financial oversight, especially in the oil and gas industry.

The Chairperson of the Public Accounts Committee, Muwanga Kivumbi, has highlighted the need for a more robust auditing process in Uganda's oil and gas sector to ensure recoverable costs are thoroughly examined.

While acknowledging the existing taxation laws governing natural resources, particularly oil and gas, Mr Kivumbi stressed that enhanced auditing could safeguard Uganda’s financial stability.

Butambala County MP Kivumbi warned that continued reliance on external loans from institutions such as the World Bank could push the country deeper into debt, leading to potential crises in the management of its natural resources.

He urged the government to focus on reducing expenditures and strengthening financial oversight, especially in the oil and gas industry.

"The critical question remains how Uganda can effectively harness its natural resources to fund public services," he said.

Allana Kembabazi, programme manager at the Initiative for Social and Economic Rights, echoed Kivumbi's sentiments, urging the government to prioritise investment in essential sectors such as health and education, which she believes are crucial for sustainable growth.

On the other hand, Gloria Sebikari, corporate affairs manager at the Uganda Petroleum Authority, pointed out that while there are opportunities in the oil and gas sector, the country is still grappling with gaps that need to be addressed.