President Yoweri Kaguta Museveni has cautioned Ugandans against treating the country’s oil as permanent wealth, insisting that the petroleum resources in the Albertine region must be managed prudently to create lasting economic benefits beyond the 20–25 years of production.
Addressing supporters in Buliisa Town Council on Thursday during his campaign trail in the Bunyoro sub-region, the NRM Presidential Flagbearer said many people misunderstand the nature of Uganda’s oil and the discipline required to use it productively.
“There is new wealth in petroleum. Some people just shout ‘oil this, oil that.’ I am the one who discovered the oil, and I know more about it,” President Museveni said, drawing cheers from the crowd. He was accompanied by the First Daughter, Mrs Natasha Museveni Karugire.
Museveni explained that Uganda’s confirmed 6.5 billion barrels of recoverable crude can sustain production for only about 25 years, warning that countries which treat oil revenues as free spending money eventually suffer sharp economic downturns.
“The issue about petroleum is that it is exhaustible,” he said. “You must use it to create durable wealth. We can’t keep eating the money from oil while importing items like perfumes and whiskey.”
He cited Norway and Saudi Arabia as global examples of how oil revenues should be invested—by putting earnings into long-term wealth funds and spending only the returns, not the principal.
Buliisa at the Heart of Uganda’s Oil Story
Buliisa District sits at the centre of Uganda’s petroleum developments, hosting major components of the Tilenga Project operated by TotalEnergies, projected to produce up to 190,000 barrels per day, and the Kingfisher Project operated by CNOOC, expected to produce 40,000 barrels per day.
Museveni told residents that the region would play a critical role in Uganda’s economic transition if oil revenues are protected from waste and channelled into infrastructure, industrialisation and long-term national assets.
“In Uganda now we have new wealth—oil—but some people want us to misuse this money,” he said. “Oil will only last about 20 years, so we must invest it in long-term projects.”
Oil and Industrialization in Bunyoro
Reiterating his message during a later rally at Booma Grounds in Hoima City, Museveni said Bunyoro will host two major industrial parks—one for petroleum-related industries and another for agro-processing.
“You cannot mix the food industry with petroleum products,” he said, assuring residents that both parks will create jobs and anchor regional economic transformation.
A Call for Discipline and Vision
Museveni urged Ugandans to reject the idea that the discovery of oil automatically guarantees prosperity, saying the country’s future depends on disciplined financial management.
“Oil is not something you eat today and forget. It must help us build factories, roads, electricity lines, schools and wealth that lasts,” he said. “That is how a country gets rich.”
He reminded supporters that the NRM’s agenda for the next five years places oil, industrial growth, commercial agriculture and job creation at the centre of Uganda’s transformation strategy.
