In a fiscal climate where many economies are gasping under debt and tax collection fatigue, Uganda Revenue Authority (URA) has pulled off a remarkable feat. It has beaten its revenue target for the 2024/25 financial year by Shs174.11 billion, collecting Shs31.54 trillion—a 100.54% performance. The numbers tell a story of discipline, economic recovery, and a pivot towards digital administration. They also tell a story of how domestic resilience and global trade are the twin engines of Uganda’s fiscal base. But as URA basks in the moment, the real challenge is scaling the mountain of UGX36.74 trillion in the 2025/26 financial…
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If Uganda Property Holdings Limited (UPHL) were a building, it would be a grand structure – spacious, magnificent on the outside, and centrally located. But get in and you notice…
The Minister of State for Foreign Affairs (Regional Affairs), Hon. John Mulimba has revealed that the Ministry of Foreign Affairs will reduce the number of diplomatic missions abroad from the…
Nexus Green Limited, the company contracted by the government of Uganda to construct 687 solar-powered water irrigation sites across the country, has said the project is on course for completion by 2024. The company says that by the end of 2023, it will have constructed at least 400 solar-powered water irrigation sites in the Northern and Eastern with the remaining 287 sites to be completed in 2024. The project was first approved by the Parliament of Uganda in September 2021 and a financing agreement between the Government of Uganda (GoU) and the Export Credits Guarantee Department of the UK (UKEF)…
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Parliament of Uganda has approved a request for government to borrow up to US$331.5 million (UGX1.23 trillion), from the International Development Association of the World Bank Group, upon which it will obtain a grant worth US$ 276.5 million. The loan is for financing the Electricity Access Scale Up Project (EASP), whose aim is to increase access to electricity nationwide. While presenting loan request to Parliament, the Minister of State for Planning, Amos Lugoloobi, said the EASP envisages an increase in access to electricity from the current 19 per cent to 44 per cent by 2027. “In this, the project forecasts…
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State minister for Finance, Planning and Economic Development (Microfinance), Haruna Kasolo Kyeyune, has presented to Parliament the Microfinance Deposit-Taking Institutions (Amendment) Bill, 2022 for First Reading. This was during the plenary sitting of Tuesday, 22 November 2022 chaired by Speaker Anita Among. According to the bill, the Microfinance Deposit-Taking Institutions (MDIs) referred to as microfinance banks will be allowed to offer among others, Islamic banking, agent banking as well as bank assurance services. Currently, the existing MDIs have been offering limited services compared to commercial banks like underwriting and placement of securities, offering cheques, dealing in foreign currency, and transacting…
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Members of Parliament of Uganda have unanimously approved a US$140 million loan to finance the Uganda Digital Acceleration Project (UDAP), and ring-fenced it to the implementing agency, National Information Technology Authority-Uganda (NITA-U). In a rare show of unanimity untypical of loan requests, the Opposition’s only rider has been having the money strictly supplied to NITA-U, in an apparent bid to protect it from being generally applied to budget support, which would spread it across all votes. Speaking in support of the loan, John Bosco Ikojo, the Chairperson of the Committee on National Economy, said if implemented, the project will go…
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Parliament’s Committee on Public Accounts – Commissions, Statutory Authorities and State Enterprises (COSASE) has asked the Uganda National Roads Authority to explain the cost of the 51-kilometre Kampala-Entebbe Expressway. In a probe over queries raised by the Auditor General, the committee noted that the UGX35 billion per kilometre cost of the tolled expressway looks exorbitant and the roads agency should explain. “How do we justify this to a lay person other than me; if this one is costing UGX35.4 billion per kilometre is a bit high,” said committee chairperson, Joel Ssenyonyi. The road cost US$476 million, approximated to be UGX1.8…
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Members of Parliament have approved a request by the government to borrow $464 million (about UGX1.7 trillion) to finance infrastructure and development needs of the budget despite objection from the opposition, who say the loan terms are unfair.Referred to Parliament’s Committee on National Economy on Tuesday, the loan is to be sourced from Standard Chartered Bank, which will serve as “the lead arranger and agent” for Nippon Export and Investment Insurance (NEXI), a Japanese insurance firm, and the Islamic Corporation for the Insurance of Investment & Export Credit (ICIEC), who will actually provide the money.Committee Chairperson, John Bosco Ikojo and…
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The African, Caribbean, Pacific – European Union (ACP-EU) Joint Parliamentary Assembly sitting in Maputo, Mozambique on Wednesday, 02 November 2022 voted to let Uganda proceed with developing the East African Crude Oil Pipeline Project (EACOP).The Ugandan delegation to the Maputo meeting led by Deputy Speaker Thomas Tayebwa, also convinced the assembly, which includes members of the European Union Parliament to allow for a “just transition to renewable energy” as opposed to the abrupt halting of explorations, especially by the global south.The ACP-EU, which had adopted a hard stance against new oil fields, adjusted its position and “acknowledged the importance of fair…
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