620Million Dollars Missing From Oil Fund: Parliament Orders Special Audit

Parliamentary Committee on Commissions, price State Authorities and State Enterprises (COSASE) has Wednesday ordered the Auditor General to commence a special audit into the monies that government has so far earned as Oil revenue since 2011.

The decision was taken by the committee following the contradictions between Bank of Uganda (BoU) and the Ministry of Energy on how much money was deposited and the available balance on the accounts.

Appearing before the committee, remedy the Governor Bank of Uganda, visit web Emmanuel Mutebile and David Kalyango the Banking Director  presented the amount they received, which contradicted that which the Ministry of Energy had earlier presented through Executive Director Directorate of Petroleum, Ernest Rubondo.

The committee was informed by Kalyango that before the government Petroleum Fund was set up, a total of $620M was collected but it is not reflected on the accounts in the Bank of Uganda.

Currently the accounts reflect that the oil fund has a sum of $72Million and Sh 10billion contrary to the committee’s expectations of $700M.

On the other hand, Rubondo informed the committee that the Ministry had deposited a total of Sh27billion as collections from oil tax, biddings, rent charges and punishments since the inception of the oil fund.

This also left another 17billion shillings unaccounted for on the fund.

At this time, the Committee Chairperson, Abdul Katuntu noted that it would be a waste of time continuing with the deliberation given the contradictory reports from the two bodies, calling for a special audit by the Auditor General.


“We can’t make an opinion by just reading figures, we would rather agree to send in auditors to come up with a report and then we shall be able to invite in Bank of Uganda or Ministry of Energy,” Katuntu said.

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