KAMPALA – The Opposition Forum for Democratic Change (FDC) has claimed that President Museveni is ruining the economy by spending Shs2.4 billion every day on buying political support.
FDC spokesman Ibrahim Ssemujju Nganda said the government currently is already borrowing heavily to finance the budget, which the money is being wasted.
“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 Shs40.4 trillion to Shs39.6 trillion,” he told journalists in Kampala on Monday, January 06, 2020.
Mr Nganda said of the Shs39.6 trillion budget, Shs 7.3 trillion will be used to repay loans we have obtained from mainly commercial banks through treasury bills and bonds.
“This is what experts call debt rollover. And we will also be borrowing Shs3 trillion from the same commercial banks. Our domestic debt now stands at $4.2 billion (Shs15.51 trillion),” he added.
Mr Nganda said the total debt now stands at $12.55 billion which comes to Shs46.36 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 Shs 1.15m loan burden on his or her head,” he added.
Mr Nganda said the borrowed money is what Mr. Museveni extravagantly use to finance his insatiable appetite for power.
“You know that every public outreach he undertakes costs the country Shs 2.4 billion daily. It means, we will be spending Shs 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.”