KAMPALA — The Spokesperson for Forum for Democratic Change (FDC), Ssemujju Nganda has on January 6 said that 2020 will be a tough year as the effects of mismanaging the country and the economy will bite harder.
While addressing the press at the FDC headquarters in Najjanankumbi, Ssemujju said the mismanagement continues to manifest itself through outright stealing, wasteful expenditure such as Mr. Museveni UGX. 240 billion budget for renting support to excess borrowing.
“Mr. Museveni through his finance minister quietly presented to Parliament the proposed budget for this year (2020/2021) around the Christmas holiday. The total budget is reducing from UGX. 40.4 trillion to UGX. 39.6 trillion,” he said.
According to Ssemujju, of the UGX. 39.6 trillion budget, UGX. 7.3 trillion will be used to repay loans they have obtained from mainly commercial banks through treasury bills and bonds.
“This is what experts call debt rollover. And we will also be borrowing UGX. 3 trillion from the same commercial banks. Our domestic debt now stands at $4.2 billion,” said Ssemujju.
He said the total debt now stands at $12.55 billion which comes to UGX. 46.36 trillion.
“We must do something to stop Mr. Museveni from further mortgaging our country through reckless borrowing. To simplify it for you, it means with a population of 40 million, each Ugandan has a UGX. 1.15 loan burden on his or her head,” he said.
According to Ssemujju,the borrowed money is what Mr. Museveni extravagantly uses to finance his insatiable appetite for power.
“You know that every public outreach he undertakes costs the country UGX. 2.4 billion daily. It means, we will be spending UGX. 2.4 billion of borrowed money every day to finance Museveni’s physical exercises he is undertaking in the Luwero region. This is the money we spend on his security and allowances to all sorts of employees meant to cheer him up as he walks,” he noted.