Prof Suruma Wants Oil Revenues to Fuel Social Security

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Former Finance Minister and Makerere University Chancellor, Prof Dr Ezra Suruma, highlighted the importance of increased government investment in social security initiatives to safeguard human dignity.

During a keynote speech at a dialogue on enhancing the connection between social protection and public finance management, organized by the Uganda Debt Network in Kampala, Prof Suruma proposed that the government consider holding a referendum to determine whether a portion of oil revenues should be allocated to social protection.

“We should hold a referendum to decide whether a portion of the oil money should be directed towards social security, ensuring that all of us can directly benefit from our oil reserves, especially during challenging times. We cannot solely rely on the government,” he asserted.

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According to the Petroleum Authority of Uganda, Uganda has emerged as one of the leading petroleum regions globally, with an estimated volume of 6.5 billion barrels, out of which 1.4 billion barrels are recoverable, and 1.04 billion barrels are classified as reserves. Additionally, the government has set 2025 as the target for the first oil production.

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