Parliament has approved the Public Finance Management Amendment Bill, 2021.
The law provides for the approval of the budget estimates for Uganda National Oil Company (UNOC) within 15days.
The government had proposed to give Uganda National Oil Company powers to collect and use oil revenue to clear recoverable costs without seeking Parliament’s approval.
However, the Finance Committee of Parliament chaired by Kiboga East MP, Keefa Kiwanuka rejected the proposal on grounds that it infringes on the appropriation powers of the house.
Kiwanuka has recommended that instead the process of handling UNOC work plans and budget estimates be expedited to ensure that they are approved by parliament within 15days to allow the company to meet its financial obligations.
