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Article

21 Sep 2015

Author:
David Mugabe, New Vision (Uganda)

Presidential advisor urges Ugandans to monitor use of oil revenue to ensure benefit to all

"Suruma asks youth to monitor oil industry"

Former finance minister Ezra Suruma has asked Ugandans especially the youth to be courageous and monitor how the oil resource is used to ensure greater value for country. Now a presidential advisor Suruma said the discovered oil in excess of 6 billion barrels with about 2 billion recoverable solves one immediate problem for the country: “Shortage of capital- when we were involved in the stabilization in the 1980s, we accepted very unpleasant conditions (from the Brettonwood institutions) but we had no alternative,”...

In a key note presented around the theme “Assessing the Extractive Industry’s contribution to Inclusive Economic growth”, Aidan Eyakuze, director of Serengeti Advisors argued that countries in East Africa should focus on other sectors and activities and leave the oil underground because it is too risky and capital intensive and there is too much competition with the giants like Qatar, Russia, USA, Nigeria. Eyakuze said the global warming risks means worldwide, the world may abandon exploiting of oil and gas to spare the planet from the devastating impact of global warming. [refers to Tullow Oil]