The Minister of Finance, Planning and Economic Development, Matia Kasaija has blamed Uganda's delay to have first oil on poverty, explaining that country has failed to raise the money required to start producing its oil and gas.
“Ladies and gentlemen, poverty is terrible. Poverty is bad. If we were not poor, we would have had our oil out of the ground 3 or 4 years ago. Now we don’t know when we shall have it (out),” Minister Kasaija said.
Kasaija made the remarks while addressing guests that had gathered at Kampala Serena Hotel during the Economic Summit organized by NTV.
Uganda expected to commence oil production next year but delays to finalize with FEDD studies, delayed infrastructure development and back and forth negotiations between government and oil companies has ensured that the country's oil remains underground.