BREAKING NEWS

    8.07 Billion Shillings to be Disbursed by the Ugandan Administration heeding the Subsequent 18th months Striving to Refine the Administration of the Extractive Initiatives in Uganda

    Posted On 12 Sep 2020
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    Comments: 20

    By Abdul Rahman Bangura–

    Photo Credit: Pinterest

    NEW AFRICA BUSINESS NEWS (NABN) Freetown, Sierra Leone– August 12th, 2020, Uganda as a future oil reserve mining nation, was approved into the Extractive Industry Transparency Initiative (EITI) community, whose tenets compel partner states and companies to render public acknowledgment about their mineral wealth supervision procedures for accountability purposes.

    Literally, the EITI is a synchronized intention aroused at the Lancaster House Conference congregated in London in 2003. It sets out standards of divulgence of all information along the extractives industry significance chain from the notch of extraction, revenue generation and sharing, awarding of contracts and licenses, to final expenditure of all proceeds. Basically, Uganda is set to spend 8.07 billion Shillings in the second 18th months on numerous activities intended for at upgrading the governance of extractive industries in Uganda.

    On this note, the advancement heeds the country’s entrance to the Extractive Industries Transparency Initiative – an accepted partnership for mineral resources accountability and transparency. Being a strategy of meeting standards set out by EITI, Uganda Radio Network-URN has found that, a 23 member EITI Multi-Stakeholder Group (MSG) has come up with a budget of 8.07 billion Shillings to be expended on several activities that will among other things constitute an appraisal of laws governing the nation’s extractive sector to place impediments for alignment with the EITI standard.

    In upswing, the other activities to be carried out are tracing the social and environmental expenditures by companies, develop a Communications Strategy, conduct outreach to different areas working on extractives, set-up a Uganda EITI website, track allocations of revenues from extractives operations and other activities.

    A senior Economist in the Ministry of Finance – Saul Ongaria affirms that, the activities are to be accomplished in the succeeding 18th months of which Uganda will submit a report to the EITI community. He discloses that, members on the EITI Multi Stakeholder Group (MSG) is comprised of officials from the Petroleum Authority, Bank of Uganda (BoU), Ministry of Energy and Mineral Development, Uganda Revenue Authority (URA), the Uganda National Oil Company, members from Civil Society Organizations (CSOs) and others.

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    According to sources, it shows that, the funds will be spent on hiring consultants, publishing and printing reports, conference package, coordination and mobilization, newspaper supplements, collection of data, strategic meetings and others and that, the budget is going to be jointly funded by government, donors and CSOs and that the startup budget of $400,000 about 1.4 billion Shillings has already been done by the European Union (EU).

    Onesmus Mugyenyi – Deputy Executive Director for Advocates Coalition for Development and Environment (ACODE) announces that, Uganda’s acknowledgment to the EITI suggests that, the country has to hug the community’s principles and also put them in exercise, similarly adding that reports on execution will have to be readied and submitted. He mumbles that, disappointment for the country to do so, it jeopardizes being blacklisted from the organization and also losing out on deals from different companies.

    In regard to what EITI means to the ordinary Ugandan, Mugyenyi states that, Ugandans anticipate transparency and accountability in the procedure in which extractives are governed and utilization of revenues as well as enhanced social services. Uganda suited the 54th member country of the EITI and the 26th African country to join the initiative.

     

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    For New Africa Business News (NABN) Abdul Rahman Bangura Reports,  Africa Correspondent

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    1. Thierno September 12, 2020 at 3:55 am Reply

      Thank you for the newsletter. Thierno in Luanda Angola

    2. Bwanbale September 12, 2020 at 4:04 am Reply

      I hope these newly discovered reserves of oil blocks in our country benefit our People. Kampala Uganda. Bwanbale

    3. Kamya September 12, 2020 at 4:18 am Reply

      Am also hoping is not a curse for our Country. No is not going to be a curse. It would benefit our people in our country and hope the entire continent. Mukono Uganda. Kamya

    4. Allen September 12, 2020 at 4:30 am Reply

      Thank you, Journalist Bangura and your team of reporters for covering our great and beautiful Continent, the great Afrikan way. Freetown Sierra Leone. Allen

    5. Francis September 12, 2020 at 4:40 am Reply

      Congratulation and welcome to the oil club, Uganda. Just don’t make the mistakes that most of our countries made in the continent. Am sure Uganda is not going to make same old mistakes. Uyo, Nigeria. Francis

    6. Christ September 12, 2020 at 4:50 am Reply

      Thank you for reporting on Facebook. Love reading your reports. London, England. Christ

    7. Phila September 12, 2020 at 5:05 am Reply

      Great reporting, always. This great online newspaper has being greatly informing us all the true news of our great continent. Thank you. Phila in Cape town, South Africa

    8. Malebogo September 12, 2020 at 5:17 am Reply

      Congrat Uganda for the big oil discoveries. Please, invest that oil money to your great people. Please don’t let them stole them oil. Please no bad deals. Malebogo in Orapa Botswana

    9. Charles September 12, 2020 at 5:29 am Reply

      Follower of new Africa business news on Facebook and thank you for the reports. Kigali Rwanda. Charles

    10. Dabiku September 12, 2020 at 5:49 am Reply

      Great reporting Mr. Bangura. I really appreciate and like reading your reports. Nairobi Kenya. Dabiku

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