The Minister of Finance, Henry Musasizi (pictured), has reaffirmed prudent management of petroleum revenues as Uganda prepares for First Oil in FY2026/27.Musasizi today presented the Petroleum Fund Annual Report for the year ended June 30, 2025, and the Semi-Annual Report for the period ended December 31, 2025, to the Parliamentary Committee on Finance, Planning and Economic Development.The reports, prepared in accordance with the Public Finance Management Act, Cap. 171, provide an update on the management, performance and utilisation of revenues from petroleum and petroleum-related activities.As at June 30, 2025, the Petroleum Fund stood at Shs131.27 billion, down from Shs145.98 billion in the previous year. The reduction followed the appropriation and transfer of Shs281.87 billion to the Consolidated Fund and Uganda National Oil Company (UNOC).During FY2024/25, the Fund received Shs268.2 billion, up from Shs184.01 billion the previous year. This comprised Shs261.5 billion in tax revenue and Shs6.72 billion in non-tax revenue.Of this, Shs166.5 billion was invested in UNOC, while Shs115.37 billion financed part of the construction of Hoima City Stadium in preparation for AFCON 2027.By December 31, 2025, the Fund had recovered to Shs212.6 billion, compared to Shs131.27 billion in June 2025.During the six months to December 2025, the Fund received Shs81 billion, compared to Shs105 billion in the corresponding period of the previous year. The 23% decline was attributed to Uganda’s oil and gas project cycle, as major construction and drilling contractors had completed principal activities ahead of First Oil, reducing the withholding tax base.Under the Charter for Fiscal Responsibility, a maximum of oil revenue equivalent to 0.8% of the preceding year’s non-oil GDP is appropriated to finance infrastructure and development projects through the annual budget. The remainder is invested in the Petroleum Revenue Investment Reserve.Musasizi said Uganda remains on track to achieve First Oil during FY2026/27, adding that Government has established institutional and multi-sectoral arrangements to ensure effective management, investment, utilisation and transparent reporting of petroleuThe post Petroleum Fund Falls to Shs131Bn After Financing UNOC, Hoima Stadium – Musasizi appeared first on Business Focus.