INSIDE STORY: Where Is Shs. 2.5 Trillion Oil Revenue?

On 15th February 2017 ChimpReports published a story detailing how the government has collected Shs 2, this site 762, 898, 320,415 (USD 696,060,502) in capital gains tax and non-tax related revenues from the oil companies.

A day later (16/02/2017) we obtained the Statement of Accounts of the Uganda Petroleum Fund accounts at Bank of Uganda.

Currently, the Petroleum Fund dollar account at Bank of Uganda, (account number 003300328400010) has only USD 72,564,842 out of the total USD 696,060,502 collected by Uganda Revenue Authority and banked at BOU.


Meanwhile the Shillings account also at BOU (Uganda Petroleum Fund Account number 00330028000026) has only Shs 10,003,386,387 as of 16th February 2017.


The above balances only accounts for Shs. 263billion now saved as oil revenues, implying that Shs 2.5 trillion is either missing or already spent by government.



Prior to the opening of the dollar and shillings accounts in November 2015, all the oil money was being received by URA in different accounts opened at BOU.

The first three payments received from oil companies were credited to URA’s Tax Collection Account (dollar) number 003410158400000. The three payments included USD 121,477,500 from Heritage Oil and Gas Limited on 4th August 2010, USD 313,447,500 from Tullow on 7th April 2011 and USD 14,500,000 received from Tullow on 11 April 2011.

On 1st July 2011 a dollar account named Government of Uganda Oil Revenue Account was opened at Bank of Uganda and given account number 003300328400001.

Five days later, on 6th July 2011 the then Accountant General, Mr. G.O.L Bwoch and the Commissioner for Financial Management Services, Mr. Lawrence Semakula ordered BOU to transfer all the oil money amounting to USD 449,424,960 from the URA Tax Collection Account to the new opened oil money account.


According to the available documents, the payment was effected the next day on 7th July 2011 and given reference number 991FINT111880025 and user reference number 830798PT.

Under yet to be established circumstances, 14 days later on 21st July 2011 Bank of Uganda bought all the received oil dollar money (USD 449,424,960) at Shs 2,584.94 for each dollar. The total of Shs 1,161,736,556,120 accrued from the transaction was immediately credited to the Government Oil Revenue Account number 00330032800004 while the dollars was transferred to the BOU foreign currency reserves.

Between February and March 2012 the Petroleum Fund received USD 171,151,650    from Total and CNOOC covering both tax and stamp duty. The monies were all received on URA Tax Collections Account number 003410158400000.

On 3rd October 2014, BOU bought the dollars (USD 171,151,650) and the shilling equivalent of 450,343,928,047 was credited to the Government of Uganda Oil Revenue Account number 00330032800004.

The oil money account grew from Shs 1.161tn to Shs 1.612tn when the  Shs 450bn was added.

The closing balance on the Government Oil Revenue Account on 6th November 2014 was Shs 1,612,080,484,167.

On 4th November 2015, the Accountant General (current) Lawrence Semakula ordered Bank of Uganda to transfer Shs 244bn from the oil account to the ministry of Energy and Mineral Development for the funding of construction of Isimba and Karuma dams.

The transfer was done on 7th November 2014 and Shs 244,354,919,871 was taken from the oil money account, which remained with 1.36tn.

The closing balance on the Government Oil Revenue Account on 28th June 2015 was 1,367,725,564,269.

The Public Finance Management Act (PFMA) of 2015 was enacted by government in mid-2015.

In 24th June 2015, the Accountant General, Lawrence Semakula directed BOU to close the Government of Uganda Oil Revenue Account and open a new Petroleum Fund account in accordance with the Section 56 of the established PFMA.

Mr. Semakula in the same letter addressed to Director Banking BOU, however did not direct that oil money be sent to the new petroleum fund account but instead to the Consolidated Fund account.

On 29th June 2015 all the 1.36tn in the Government of Uganda Oil Revenue Account was transferred to the Consolidated Fund account. According to all the available documents, the trace of 1.36tn oil money ended on 29th June 2015.

The Consolidated Fund account is the government’s main account to fund its activities.

On 30th November 2015 USD 36,058,502 was received from Tullow and directly credited to the new Petroleum Fund Account opened after the enactment of PFMA 2015.

On 1st July 2016, another tranche of USD 36,058,501 was received from Tullow and directly credited to the Petroleum Fund account.

The only USD 72.5m on the Petroleum Fund account is from the last two payments made by Tullow.

Ministry of Finance is yet to present to Parliament and defend the audit report of the oil money.

On Wednesday this week the Parliamentary committee investigating the infamous Shs 6bn handshake, ordered the Auditor General to audit both Bank of Uganda and the Uganda Revenue Authority to ascertain the exact amount of revenue realized from oil and where the money is taken. 

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