Business 2 September 2026 Daily Monitor (Uganda)
Uganda's Oil Revenue: Museveni Pushes for Infrastructure Over Luxury
President Museveni has declared that Uganda's forthcoming oil revenues must be invested in long-term national infrastructure and assets, rather than fueling consumption of imported luxury goods. The President also announced the official branding of Uganda's crude oil as "Pearl Sweet Petroleum" for the international market. Source: https://www.monitor.co.ug/uganda/news/national/uganda-s-oil-revenue-must-fund-long-term-infrastructure-not-luxury-museveni-5581106
President Yoweri Museveni has issued a strong directive regarding the utilization of Uganda’s anticipated oil revenues. He stressed that these finite resources must be channeled into building sustainable, long-term national assets that will benefit future generations, drawing a clear line against spending on luxury imports. This directive was made during the official naming ceremony for the country’s crude oil at the Kingfisher Development Area in Kikuube District, where the oil was christened “Pearl Sweet Petroleum” for its international market debut.
Mr. Museveni emphasized that petroleum revenues should primarily fund crucial sectors such as power generation, transportation networks, railways, and higher education. This strategic allocation aims to create a lasting economic impact that extends beyond the lifespan of Uganda’s oil reserves. The President also highlighted the government’s commitment to a domestic oil refinery, which he believes will significantly reduce Uganda’s annual fuel import bill, estimated at $2 billion.
Furthermore, the President assured that associated gas produced alongside crude oil will not be wasted. Instead, it will be utilized to generate approximately 80 megawatts of electricity and processed into liquefied petroleum gas (LPG) for domestic use. Reflecting on the nation’s development, Museveni noted the growth in local expertise, stating that Uganda has invested in training its citizens in petroleum engineering and management, creating a capable workforce to manage these resources effectively.
President Museveni urged continued geological exploration to uncover further potential oil deposits, reiterating the goal: “The objective should be to ensure that the first barrel of oil is not the last.” He commended the collaborative efforts between international oil companies and government bodies in advancing the project.