Uganda discovered commercially viable oil deposits in 2006. Estimated oil reserves as of September 2012 stood at 3.5 billion barrels. Since the discoveries, there has been much public debate on the types of public policies that the Government of Uganda (GoU) can implement in order to avoid or minimize the economic, social and political dislocations that have usually accompanied the exploitation of oil and gas in other African countries. It is important to note that the discovery and eventual exploitation of natural resources, such as gas and oil, are necessary but not sufficient conditions for the upheavals that are collectively referred to as “the curse of natural resources.” The reason why many African countries that have significant endowments of commercially viable oil and gas reserves often end up with the curse is that they do not have institutional arrangements that guarantee the rule of law. Without appropriate legal and judicial systems—that is, those that adequately constrain civil servants and politicians—the latter are likely to engage in corruption and other forms of political opportunism, and fail to implement policies to allocate resources efficiently and equitably and hence, enhance human development. It is hoped that Uganda will use its newly-discovered oil and gas resources to promote genuine economic growth and human development. This study employs a perception analysis of the views of key stakeholders on the suitability and impacts of available spending options.