Log in
Free: The Observer Mobile App - Exclusive Content and Services

Museveni richer than Uganda Development Bank

Uganda Development Bank (UDB) has announced a profit of Shs 6 billion realized in the last financial year.

According to news on local radio stations, UDB disbursed loans worth about Shs 90 billion last year and received Shs 30 billion in repayment. This, according to its chief executive officer Patricia Ojangole, is good performance, considering its recent annual loan repayment of about Shs 3.5 billion.

While the achievement is worth celebrating, the figures point to a bigger structural problem with our economy. Big because how can the only nation’s development bank celebrate disbursement of just Shs 90 billion?

The government, through finance minister Matia Kasaija, promised last year to capitalize UDB with another Shs 50 billion.

Scandalous as it was, I am told this little money is yet to be availed to the bank to bring the total capitalization to Shs 150 billion. The target, I hear, is to hit Shs 500 billion. I have used UDB to help readers of this column understand why our economy is on its knees.

A report of the parliamentary committee on National Economy, chaired by Syda Bbumba, reveals the obvious. “Findings from interviews indicate that majority of people suffered lack of credit, especially those making a living from agriculture.

“There is need for Uganda to explore alternative banking institutions that can meet the financial needs of majority of people, especially those that are engaged in production of goods and service,” reads part of the report discussed in parliament last week.

And the sectors such as agriculture, tourism, oil and gas which the report highlights are exactly what UDB wants to finance, but it lacks capital.

And I know Kasaija will tell you that we don’t have enough money. While it is true, trouble is that the little collected from the public (taxes) is grossly abused by our dear leaders, especially the head of state.

Imagine for the last six years, Mr Museveni who is the de facto minister of Finance, has been allocating himself Shs 97 billion for donations. This money is part of the State House budget which averages to about Shs 250 billion annually.

The conduct and attitude of our revolutionary leader is the source and mother of all our problems as a country. Giving UDB Shs 50 billion was one of the highlights of the 2017/18 budget. And giving Mr Museveni Shs 97 billion for donation was not even mentioned on budget day.

While Museveni gets Shs 97 billion for donations, UDB gets Shs 50 billion which is either never paid or delayed. Museveni has already finished the money, and has presented a request for supplementary budget to parliament.

In the last six years, Museveni has spent Shs 582 billion on donations alone. The money to capitalize UDB has not reached Shs 150 billion.

The bank is supposed to offer long-term loans at a lower interest rate to grow the economy. And it is not that Mr Museveni doesn’t know these things. He does, but has been overcome by the appetite for power. He sleeps, dreams and wakes up thinking about staying in State House till death.

Next year, he wants every user of mobile money and social media taxed. He wants to raise about Shs 300 billion from both these sources. And what will he use the money on?

The Electoral Commission has submitted a budget of Shs 263 billion for a referendum to ask Ugandans to increase the term of the president from five to seven years.

And as all these things are happening, the parliamentary committee on National Economy reports that agriculture, forestry and fishing sectors, which employ majority of Ugandans, are declining.

The combined growth of these three sectors in 2016/17 was 1.3 per cent, yet our population is growing at more than three per cent every year. It is the reason majority of young people are restless because of lack of employment. And the solution from the head of state is to buy some of them motorcycles (boda bodas).

And things can only get worse. The amount of money our dear leader needs to rent support is astronomical, and this economy can no longer produce it because of his many years of mismanagement.

I have already shared with you the amount of money he spent procuring the removal of age limits. And he is still paying because each of the 317 MPs has received only Shs 140 million, yet the deal was Shs 200 million plus two years’ extension in parliament.

You remember the amount he spent on fighting Amama Mbabazi. MPs then received Shs 150 million each as a bribe not to support Mbabazi.

That is the money he periodically needs to rent support in parliament. Folks, let us brace ourselves for the worst unless we join the struggle to get rid of this man.

The author is Kira municipality MP and opposition chief whip in parliament.

Comments

+2 #21 Remase 2018-05-04 15:33
Semujju, "That is the money he periodically needs to rent support in parliament. Folks, let us brace ourselves for the worst unless we join the struggle to get rid of this man."

Semujju, you forgot to remind us that it is now the norm to have only one meal a day for most of the Ugandans.

That is only those who can afford that one meal. Otherwise, most can't afford that one meal.

You are absolutely right, unity is the only solution to get rid of the bustard. No one has urged us, Ugandans, to unite against that bustard than Akot.

Akot is always calling upon us to unite and get rid of M7. Unfortunately, we have failed to heed that call and we are paying a big price for it.

Our leaders is various institutions have betrayed us. Recently, one of the bishops received a golden handshake of Shs. 500,000m form the presidential donation fund! Now How are we going to unite?
Report to administrator
+1 #22 Akot 2018-05-04 18:21
ejakait engoraton,

Ugandans are not alerting anybody because it's them working in peace to hand over tax money to museveni & the country remains the most peaceful & prosperous for UN-EU to resettle refugees in, while theydon't even talk of how Ugandans live!

Which world tv-paper...talks about Ugandans? NON, becaus it's a peaceful country & our people want it to remain so under museveni who has no opposition & no other to take his place!

But world news if full of S.Sudan-Syria-Eritrea-Yemen-Afghanistan...because they need change of leaders: they are at war, taking refuge outside their countries...!

But Ugandans are United to work in peace to let musevnei just go on!

Is there opposition to museveni & are Ugandans at war against him?...
Report to administrator
-1 #23 Akot 2018-05-04 18:34
ejakait engoraton,

How will Ugandans get rid of museveni when it's them keeping him in power?

Unity against museveni means tribal leaders tanding down from their museveni given posts & Ugandans coming out to block him, like Mugabe-Zuma...were!

Ugandans will have museveni as long as they want but once they UNITE against him & accept 1 of their own as leader, museveni will be out!

But it's clear, Ugandans prefer museveni to UNITY that will throw him out & this, the outside world have understood & will NEVER say a word against Ugandans for having the ruler they want in peace while tribalistically rulling them with tribal leaders all over as in 18 centur!

UNITY against museveni with just 1 opposition leader will rob Ugandans of their prefered ruler, so Ugandans can go ahead & maintain him through the tribalistic system, whle the world just watches in silence!
Report to administrator
0 #24 Akot 2018-05-04 18:38
ejakait engoraton,

What post do you hold in museveni's Uganda that let you want him to just go on in peace while ruling tribalistically?

Did museveni give you education, making sure your family is well catered for, ensures you live in a good house, eat well, ensured your healthcared & retirement...?

Because as you reason, museveni is in peace & is going no where for the next 30 years & the outside world will go along with him too!
Report to administrator
0 #25 Akot 2018-05-04 18:50
ejakait engoraton,

As you don't want museveni opposed in UNITY & replaced, what if countries Ugandans took refuge in send them back to peaceful Uganda?

As there is no opposition to museveni & the country is peaceful & need no change of ruler, why should other countries be burddened with Ugandans running away from their peaceful country under museveni they serve in peace?

French are asking for more from Macron in a country that has 1 of the best social services in the world: what are you ejakait engoraton, asking from god museveni to make your life & others' better?

According to you ejakait engoraton, Akot is a danger to Ugandans & should stop calling them to UNITY against museveni because it will rob them of their god, right?

If Ugandans listen to Akot, Dr Besigye would have taken his place at last election or by blocked the demon who would never have been sworn in!
Report to administrator
0 #26 Akot 2018-05-04 18:57
Ssemujju Ibrahim Nganda,

Please, help Ugandans understand the word UNITY so that they join today world & bring change!

As it is, Akot is more dangerous calling Ugandans to UNITY than museveni who will own their country & make them slaves, foreigners, landless...for ever!

This will include you Ssemujju Ibrahim Nganda!

Ssemujju Ibrahim Nganda, you know, those who run away from shitholes like Uganda NEVER talk about countries they ran away from,but just make sure they get taken in where they want to resettle & given education, healthcare, housing...& just live!
Report to administrator
0 #27 Akot 2018-05-05 19:09
Remase, thanks!

It's such a pitty Ugandans are the ones maintaining museveni in power yet they are the last to see it! Ugandans behave as if the country belongs to museveni & them being at his mercy is honourable birth right!

Akot knows, after being out of Uganda since 1987, that UNITY of Ugandans with just 1 opposition leader is the ONLY means they have to get rid of museveni without him destroying them further!

Ugandans United against Acholi to bring museveni in, yet he tribally divided them & our people didn't even ask why he did so!

Museveni is assured of his next 30 years but Ugandans don't see it & not 1 of the many opposition leaders who went to help him divide them further & rig last election is heard today today at a time when the country/people really need opposition leadership!

How will they dare insult Ugandans going for next fake election?
Report to administrator
0 #28 Akot 2018-05-05 19:24
ejakait engoraton,

Why are you not aware the outside world does not even talk about Ugandans & when it's does, it's to say how peaceful & prosperous the country is under museveni & Ugandans are lucky to have such a leader who is so kind & allow UN-EU-Israel to bring refugees in Uganda!

UN-EU give Uganda +1.7 billion euros for refugees & museveni gets 30% of this for his kindlness!

Who many Ugandans get a share of this 30% that is supposed to be for locals in districts refugees are resettled in?

Is Akot wrong in calling Ugandans to UNITY & tribal leaders standing down to shatter the tribalistic system that goes against International principles?

ejakait engoraton, who are you waiting for to bring change, knowing developed countries-UN won't say a word against museveni as long as Ugandans go along with the tribalistic system?
Report to administrator
-2 #29 Robert Atuhairwe 2018-05-05 22:24
I need 6.5billion for an agric project and i believe UDB will avail it.

When it kicks off, i know Museveni will donate to expand the venture which will enable 2000 smaller farmers in every district to start the same project but at a lesser scale and earn at least 56million per year @ by 2021
Report to administrator
0 #30 Akot 2018-05-09 18:36
When will Ugandans understand it's them keeping museveni in power by maintaining the tribalistic system?

No developed country will side with Ugandans as long as they keep museveni in power with tribal leaders all over!

But, when Ugandans wake up & UNTE to bring down the tribalistic system & tribal leaders stand down, developed world & UN will be the first to support Ugandans & help them!

What will Ugandans do if museveni dissolves tribal leaders' posts & Reforms the Republic of Uganda as he wants without our people's involvement in the decision?

Unity of Ugandans to throw museveni out, then go for independent tribal states is not on minds of Ugandans, right?

So, it will have to be museveni to bring Uganda back to today world by dissolving posts of tribal leaders & make the zone a country/republic again!
Report to administrator

Comments are now closed for this entry

Bunga Bet