Re-elected Museveni sets oil investment priorities

President Yoweri Museveni has confirmed that Uganda’s oil production is expected to begin this year, saying revenues from the sector will be invested in long-term national assets rather than short-term spending.

“Our oil will start flowing this year,” President Museveni said. “This money must be used for things that will last, like railways, power stations, roads, and science education.”

The President cautioned against proposals to directly distribute oil revenues to local governments, arguing that petroleum resources are finite and must be managed prudently for the benefit of future generations.

“This oil will last about 20 years,” he said. “If you care about your country, you must use this exhaustible resource to build things that will endure.”

Museveni made the remarks recently at his country home in Rwakitura, western Uganda, while receiving the official declaration of his re-election as President following the January 15, 2026 presidential election.

In his acceptance speech, the President pledged to prioritise poverty eradication, national unity, and disciplined governance during his new term in office.

According to figures released by the Electoral Commission, Museveni won the presidential election with more than seven million votes, extending his leadership of the country, which began in 1986.

He was formally presented with the declaration form by the National Resistance Movement (NRM) Central Executive Committee (CEC) at Rwakitura, marking the official start of his new mandate.

Uganda’s anticipated entry into oil production is seen as a major milestone for the country’s economy, with government officials repeatedly emphasising infrastructure development and human capital investment as key priorities for the expected revenues.