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Petroleum Revenue Investment Reserve (Uganda)

Uganda · Africa · Founded 2015 · Savings and future generations fund · Not an IFSWF member

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Focus

Uganda: what it invests in

Financial services
Cash and money marketsFixed income

Geography Global

Scale

Uganda: how big it is, and on what basis

UGX 212.6B
Fund market valueAs of

In US dollars: about USD 0.059B. Approximate, at about UGX 3,600 per US dollar; Petroleum Fund balance as reported to Parliament.

Transparency

Uganda: what it publishes

4.0 of 10 Band 2 of 5

Published 3 · Partly 2 · Not published 5

Our 10 item score. It measures what is public, not how well a fund is run.

Petroleum FundS3
UGX 212.6B (31 Dec 2025)
As of
FY2024/25 receiptsS3
UGX 268.2B (Taxes UGX 261.5B)
As of
FY2024/25 transfersS3
UGX 281.87B (Budget and UNOC)
As of
Budget capS1
0.8% of non-oil GDP (Charter for Fiscal Responsibility)
As of
PRIR projectionS4
UGX 19.6T (By FY2030/31, central bank)
As of
FoundedS1
2015 (PFMA 2015)
As of

At a glance. Uganda's oil revenue system has two parts: the Petroleum Fund, which receives all government petroleum revenue, and the Petroleum Revenue Investment Reserve (PRIR), which invests the surplus offshore for the long term. The Bank of Uganda runs the PRIR. The Petroleum Fund held UGX 212.6 billion at the end of 2025, with first oil expected in fiscal 2026/27. S1 S3 S4

Key points

  • Petroleum Fund balance of UGX 212.6 billion at 31 December 2025, up from UGX 131.27 billion in June 2025. S3
  • Receipts of UGX 268.2 billion in fiscal 2024/25, against UGX 184.01 billion a year earlier. S3
  • Only oil revenue up to 0.8 percent of prior-year non-oil GDP may go to the budget; the rest goes to the PRIR. S3 S1
  • The PRIR must invest outside Uganda, in foreign currency instruments. S4
  • The Bank of Uganda projects the PRIR could reach about UGX 19.6 trillion by fiscal 2030/31. S4
  • Petroleum Fund statements are audited by the Auditor General. S1 S5

Interesting facts

  • The oil revenue rules were legislated in 2015, years ahead of commercial production. S1
  • In fiscal 2024/25, UGX 115.37 billion helped fund Hoima City Stadium for the 2027 Africa Cup of Nations. S3
  • PRIR assets are owned by the Government and sit outside the central bank's official reserves. S4

Mandate and goals

The PRIR is the long-term investment vehicle for oil revenue above the budget cap set by the Charter for Fiscal Responsibility, invested for future generations and economic stability. S1 S3

  • Save oil revenue above the fiscal rule for future generations. S3
  • Invest only offshore, in foreign currency instruments, under a Ministry of Finance investment policy. S4
  • Keep budget use of oil money within 0.8 percent of non-oil GDP. S1

How it invests

IndustriesFinancial services. Sector agnostic S4
Asset classesCash and money markets, Fixed income S4
StagesPublic markets S4
GeographyGlobal. Offshore only; domestic investment is barred by law S4
Direct / through funds / co-investYes / No / No S4
Ticket sizeNot published; the reserve is at an early stage. S1
External managersNot yet determined S1
Co-investment programmeNone S1

Past investments

YearInvestmentTypeSectorAmount
2025Transfer to Uganda National Oil Company. Appropriated in fiscal 2024/25 to strengthen the state oil company's role in the sector. S3State asset transferEnergy: oil and gasUGX 166.5B
2025Hoima City Stadium funding. Budget transfer in fiscal 2024/25 for a stadium being built for the 2027 Africa Cup of Nations. S3State asset transferInfrastructure and utilitiesUGX 115.37B
2022Transfer to the Consolidated Fund. Fiscal 2021/22 budget transfer, alongside USD 25.5 million. S1State asset transferFinancial servicesUGX 110B

Case studies

Oil revenue rules set before first oil S1 S3

  • What: Uganda legislated its Petroleum Fund, the PRIR and a budget cap in 2015, ahead of the Tilenga and Kingfisher projects.
  • When: 2015 to 2026
  • Size: Cap of 0.8% of non-oil GDP
  • Why: Clear rules were wanted before oil money arrived.
  • Outcome: Taxes from the build phase are already flowing in and are reported to Parliament.

Investment process

Parliament approves withdrawals from the Petroleum Fund to the budget or oil sector investments; the surplus goes to the PRIR, which the Bank of Uganda invests under a Ministry of Finance policy. S5 S4

CommitteeRole
Parliament Committee on Finance, Planning and Economic DevelopmentReceives the annual and semi-annual reports S3
Bank of UgandaOperational manager of the PRIR S4
  1. Petroleum revenue is paid into the Petroleum Fund in US dollars and shillings. S4 S1
  2. Parliament appropriates up to the fiscal rule cap to the budget and UNOC. S5 S3
  3. Revenue above the cap is moved to the PRIR for offshore investment. S3

How to approach: No external approach route published. S7

Size and returns

  • Headline size: UGX 212.6B (Fund market value, as of 2025-12-31) S3
  • In US dollars: about USD 0.059B. Approximate, at about UGX 3,600 per US dollar; Petroleum Fund balance as reported to Parliament.
  • Returns: the fund does not publish a return figure.
  • Staff: A PRIR team within the Bank of Uganda S4
  • Size over time (UGX billion): FY2022 90.0, FY2023 206.7, FY2024 146.0, FY2025 131.3, Dec 2025 212.6 S1 S3

Leadership

NameTitleSince
Michael Atingi-EgoGovernor, Bank of Uganda (operational manager) S62025-02
Henry MusasiziFinance minister presenting the fund reports to Parliament S3Not published

Governance and transparency

  • Legal basis: Public Finance Management Act 2015 (Section 56 Petroleum Fund; Section 60 accounts) and the Charter for Fiscal Responsibility S1
  • Oversight: Parliament approves withdrawals and receives reports S5
  • Auditor: Auditor General of Uganda S1 S5
  • An Operational Management Agreement links the Ministry of Finance and the Bank of Uganda. S1
  • Not an IFSWF member. S2

Transparency score: 4.0 of 10 (band 2 of 5). Our own 10-item rubric; see the methodology page.

  • Published: total assets, audited financial statements, governance and mandate documents. S1
  • Partly published: named leadership, regular reporting schedule. S3 S6
  • Not published: annual return, long-term returns, asset allocation, geographic or sector split, holdings or deal list. S1

History

DateEvent
2015PFMA 2015 creates the Petroleum Fund and the PRIR. S1
2022-02Final investment decision on the Lake Albert oil projects. S1
2025-06-30Petroleum Fund at UGX 131.27 billion after UGX 281.87 billion of transfers. S3
2025-12-31Petroleum Fund rebounds to UGX 212.6 billion. S3
2026-09Central bank projects PRIR at UGX 19.6 trillion by fiscal 2030/31. S4

For family offices

The PRIR is preparing to invest offshore and has no programme open to outside partners yet; its build-up depends on first oil and the fiscal rule. S3 S4

Reports

Common questions

What is the PRIR?

Uganda's oil savings and investment reserve under the PFMA 2015, run by the Bank of Uganda. S4

How much is in the Petroleum Fund?

UGX 212.6 billion at 31 December 2025. S3

Can it invest in Uganda?

No, the reserve invests only in foreign currency instruments offshore. S4

When will larger inflows start?

With first oil, expected during fiscal 2026/27. S3

Is it an IFSWF member?

No. S2

All sovereign wealth funds in Africa · All savings and future generations funds · All funds in Uganda

Sources

  1. S1Ministry of Finance, Petroleum Fund Financial Statements FY2022/23
  2. S2IFSWF, members list
  3. S3Eagle Online, Petroleum Fund reports to Parliament
  4. S4Mulengera News, Bank of Uganda assessment of the fiscal charter
  5. S5ChimpReports, Petroleum Fund annual report FY2024/25
  6. S6Reuters, Uganda central bank names new governor
  7. S7Ministry of Finance, Planning and Economic Development

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