Directorate of Petroleum

Petroleum Acts

  • The Public Finance Management Act, 2015

    An Act to provide for fiscal and macroeconomic management; to provide for the Charter of Fiscal Responsibility; to provide for the Budget Framework Paper; to provide for the roles of the Minister and the Secretary to the Treasury in the budgeting process; to provide for virements, multiyear expenditures, supplementary budgets and excess expenditure; to provide for the Contingencies Fund; to provide for the Consolidated Fund and commitments against the Consolidated Fund; to provide for bank account management, management of expenditure commitments, raising of loans by the Minister, management of the  Government debt, authority to receive monetary grants and assets management; to provide for the roles of Accounting Officers; to establish accounting standards and audit committees; to provide for in-year reporting; to provide for the preparation of annual accounts and for the accounting for classified expenditure; to establish the Petroleum Fund and the collection and deposit of revenues into and the withdrawal of revenue from the Petroleum Fund and for the management of the Petroleum Revenue Investment Reserve; to provide for the role of Bank of Uganda in the operational management of the Petroleum Act 3 Public Finance Management Act 2015 Revenue Investment Reserve; to provide for the establishment of the Investment Advisory Committee; to provide for the financial reports, annual reports and annual plans of the Petroleum Fund and the Petroleum Revenue Investment Reserve; to provide for the sharing of royalties; to provide for offences; to repeal the Public Finance and Accountability Act, 2003 and to provide for connected matters.

     DATE OF ASSENT: 23rd February, 2015. 

     Date of Commencement: 6th March, 2015.

     

    Click Here to download the Public Finance Management Act, 2015