President Museveni has assured the people of Buliisa—and all Ugandans—that the NRM government has a comprehensive plan to use the country’s oil resources to create generational wealth.
“There is new wealth in petroleum. Some people shout ‘oil this, oil that.’ I am the one who discovered the oil, and I know more about it,” Museveni said. “The issue is that it is exhaustible. We have 6.5 billion barrels that we can mine for about 25 years, but we want to use it to create durable wealth.”
He made the remarks on Thursday while addressing a campaign rally at Buliisa Town Council Grounds.
The President scoffed at commentators who he said give unsolicited advice about Uganda’s oil sector, emphasizing that government has an elaborate and well-thought-out plan for the resource.
He explained that government is currently exploring additional areas for oil within the country as Uganda moves closer to its first oil production.
Uganda has about 6.5 billion barrels of oil with about 1.4 to 1.65 billion barrels economically recoverable in the Albertine Graben.
The Tilenga Project primarily operated by French energy giant TotalEnergies aims for for up to 190,000 barrels per day and Kingfisher operated by Chinese company CNOOC for 40,000 barrels per day at peak will lead to a national peak projection of 200,000-250,000 barrels per day over the first phase.
Records show that exploration is now extending beyond the main Albertine Graben, including into the Moroto-Kadam and Kyoga basins, in hopes of expanding the country’s known reserves. Early results indicate potential in the Moroto-Kadam Basin.
Museveni reiterated that government intends to use Uganda’s oil to build long-term prosperity.
“You should know that petroleum is exhaustible. It is a finite resource. What we want is that when we get it, we use it to create durable wealth—wealth that will last forever,” he said.
He cited countries such as Saudi Arabia and Norway, which he said have successfully used their oil revenues to build sovereign wealth funds that generate long-term financial returns.
“There are those who say we should waste the money on importing perfumes and whiskey, and in the end nothing remains. We can’t accept this,” he said.
“Countries like Norway and Saudi Arabia have created sovereign wealth funds that earn profits. This is the plan of clever people.”
Museveni emphasized that oil revenue will be used to benefit all Ugandans, not just a select few.
Development in Buliisa
The President also highlighted the development projects implemented in Buliisa, including tarmacked roads, schools, and health facilities, which he said demonstrate the NRM government’s commitment to improving the region.
Despite this progress, he urged the people of Buliisa to focus on individual and household wealth creation.
“These Bagungu understand the message of wealth creation. They were wealthy even when there was little development in the area. They had cows long ago. That’s why we need to differentiate between development and wealth,” he said.
He advised residents living near swamps to consider fish farming, describing it as a “gold mine” with great economic potential.