Oil related activities have intensified
The 2022/23 annual report by Bank of Uganda has revealed the Petroleum Fund has Shs227bn as at June 2023 that was earned through various oil activities.
The report indicated that as of 1st July 2022, the amount in the Petroleum Fund was US$5.4Mn (Shs20.268Bn) for US Dollar account and UGX90.03Bn for the Shilling account.
According to Bank of Uganda, during the year, there were inflows of US$0.185M and UGX11.7Bn with no appropriation of funds from the Petroleum Fund and consequently, by 30th June 2023, the Petroleum Fund retained US$5.6Mn (Shs21.019Bn) and UGX206.7Bn, thus bringing total to Shs227.719Bn.
Bank of Uganda also noted that it anticipates heightened petroleum sector-related activities in FY2023/2024 which may result in increased flows to the Petroleum Fund.
“As the country moves closer to commercial oil production, the Bank anticipates the various players under the revenue management pillar to intensify their activities. In collaboration with its partners in petroleum revenue management,” the report says.
