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Monitoring Oil Revenues and Corruption
Corruption is a severe problem facing the African continent and more eminent in the Oil producing nations like Nigeria. Reports have put the average loss of money to corruption at a staggering USD 148 Billion per year in Africa; Corruption is not only a major obstacle to economic development but also a major setback for social and political development. With the discovery of Oil in Uganda, the question is will there be efficient follow up on the resources realized from this lucrative business to realize the benefits …..?
Sharing Oil and Gas Revenue
The emerging Oil industry in Uganda has been met with a lot of optimism from the people of Uganda, more especially the residents of the Districts in which the Oil reserves are situate. The main issue to date is, as to how the Oil revenues are to be shared to attain benefits to all stake holders in the Uganda Oil industry. The Uganda wildlife society carried out a study to propose a suitable Oil revenue sharing formula and derivation fund for the Oil and Gas sector in Uganda, giving different measures and approaches that can be employed to make revenue management and sharing effective in Uganda.
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