Uganda’s Minister of State for Planning, Amos Lugoloobi, unveiled the country’s second Extractive Industries Transparency Initiative (EITI) Report.
EITI is a global initiative aimed at promoting transparent and accountable management of a nation’s natural resources.
During the launch event held at the Sheraton Hotel, Minister Lugoloobi emphasized the importance of proper resource utilization and management for countries rich in natural resources.
“Experience from elsewhere shows that countries blessed with abundant natural resources can transform their economies significantly when they establish measures to ensure responsible extraction and management of these resources,” stated Minister Amos Lugoloobi.
He further stressed the necessity for Uganda to develop a robust legal and institutional framework to support the growth and sustainability of the extractive industries sector, benefiting both current and future generations.
The newly released report provides a comprehensive overview of Uganda’s adherence to the EITI standard, covering the entire extractive industries value chain.
Minister Lugoloobi assured the public of the government’s unwavering commitment to the EITI process. The report also discloses contextual information about the extractive sector, the legal framework governing it, and its economic contributions to the nation.
One of the critical aspects covered in the report is the reconciliation of payments made by extractive entities with the revenues received by government agencies. This reconciliation process aligns with requirement 4.1 of the 2019 EITI standard, ensuring transparency and accountability in the financial aspects of the extractive industries.
Furthermore, the Charter for Fiscal Responsibility plays a pivotal role in guiding the government’s utilization of oil and gas revenues.
This charter includes a fiscal rule that mandates the government to adhere to specific guidelines for the responsible allocation and expenditure of these revenues.