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