A general view shows an oil rig used in drilling at the Ngamia-1 well on Block 10BB, in the Lokichar basinGovernment through the Ministry of Finance has revealed that in 2026/27, Uganda is expected to earn over UGX2.2Trn in oil revenue from the ongoing oil activities, with UGX1.2Trn set to finance the budget.The revelation was made by Henry Musasizi, Minister of State for Finance, while appearing before Parliament’s Committee on Finance, where he had led his team to present the 2026/27 Ministerial Policy Statement for the Ministry of Finance.Appearing before the Public Accounts Committee (Central Government) on Wednesday, 11 March 2026, Peninah Aheebwa, the Director Economic and National Content Monitoring at the Petroleum Authority of Uganda (PAU), said Uganda expects to see first oil by the end of July 2026.First oil is the milestone date when a new oil well or field officially begins production, commissioning and exporting its first commercial cargo of hydrocarbons, a transition from testing to active operation.“Our first major project is Tilenga which required 170 wells, and we have already done 198. For the Kingfisher project, we required 19 wells for first oil and we have achieved 21 so far. So, in terms of drilling, we have reached what is required,” Aheebwa said.She noted that overall completion in terms of central processing facilities and feeder lines for the Tilenga and Kingfisher projects stands at 67 per cent and 77 per cent respectively, whereas the EACOP is at 81 per cent.“We have been operating two shifts of field work on the Tilenga project but we are increasing them to three with eight hours on each shift, so that we can meet the target of end of July this year,” Aheebwa added.Wealth CreationMinister Musasizi also listed a number of achievements registered under the Parish Development Model and wealth creation funds, where he indicated that as at December 2025, all PDM SACCOs were capitalised with additional UGX529Bn, with each of the 10,589 verified SACCOs receiving UGX50Million as the first tranche of capital.Under the Emyooga Programme, the Minister revealed that over UGX100Bn was disbursed in affordable credit benefiting over 350,000 individuals and UGX76.32Bn in Emyooga seed capital was disbursed to 3816 circles supporting over 1 million beneficiaries, thus leading to the creation of over 1.1 million jobs created and maintained through these interventions.The Minister further revealed that by December 2025, the Agricultural Credit Facility and Agricultural Insurance Scheme, a total of UGX40.7Bn was disbursed as government capitalisation of the ACF while UGX7.5Bn was disbursed as government subsidy to the Uganda agricultural insurance scheme, thus bringing the cumulative total of 959.919 farmers that have benefited from this scheme.The Minister also revealed that in the coming budget of FY2026/27 the Ministry of Finance is expected to receive a total budget of UGX2.78Trn while the subventions under the Ministry will receive; Tax Appeals Tribunal UGX7.728Bn, Public Procurement and Disposal of Assets Appeals Tribunal UGX4.2Bn and the Economic Policy Research Centre is expected to receive UGX10.425Bn while Capital Markets Authority is expected to receive UGX9.354Bn.The Ministry of Finance further indicated that in the 2026/27 national budget, Enterprise Uganda has been allocated UGX26Bn, while Microfinance Support Centre has been allocated UGX176.670Bn, while the Uganda Development Bank is expected to receive funding to a tune of UGX415.190Bn, while Pearl Bank, formerly Post Bank is set to receive UGX4.086Bn.The Minister also assured Parliament that Uganda’s economic outlook remains positive because the economy is characterised by strong growth momentum, low inflation, stable financial markets and improving external performance. The post Uganda To Earn Over UGX2.2 Trillion In Oil Revenue In 2026/27-Gov’t appeared first on Business Focus.