WE SHALL START PUMPING OUT OUR OIL BY 2020- MUSEVENI

WE SHALL START PUMPING OUT OUR OIL BY 2020- MUSEVENI

By Tukundane Yonna

Uganda’s economy was able to recover and we were able to reasonably expand the tax-base says President Museveni.

Addressing the members of parliament at Serena hotel conference hall, the president noted that Uganda has been able to handle the infrastructure (the roads, electricity, the ICT backbone, some aspects of piped water, education and health facilities) and peace (by handling defence and law and order).

“The roads are improving, we are beginning to have a surplus of electricity as I told you during the State of the Nation address and we are working on modernizing the railway,” the president noted while opening the 2016/17 budget reading.

Museveni says by 2020, Uganda shall start pumping out its oil.  Even at the low price of US$50 per barrel, the president notes that The Pearl of Africa shall be pumping 30,000 barrels per day for the refinery and 170,000 barrels per day for the pipeline and the total will be 200,000 barrels per day, that will give the nation an additional income of US$3 billion per year.

The Government portion of that money will be US$2.1billions which is 70%.  The president added that with that additional money, government shall be able to easily deal with the issue of funding innovation by our scientists, capitalizing the Uganda Development Bank (UDB) so as to support the manufacturing activities as well as some aspects of agriculture, capitalize the National Housing Finance Bank so as to enable them to fund low cost housing for the people, fund some elements of the infrastructure, etc. etc.


Photo: www.voanews.com

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