Dusted: ‘We Are Broke! Your Savings Were Borrowed To EAC States’- NSSF Boss Byarugaba Breaks Hearts Of Jubilant Ugandans

The National Social Security Fund (NSSF) Managing Director Richard Byarugaba has said, the institution doesn’t have the 20% midterm access to savers who clock 45 years.

Byarugaba made remarks while appearing before the Gender, Labour and Social Development Committee of Parliament at Serena Hotel Thursday.

He was explaining the various ways through which the sh15.6 trillion savings of members are invested out of which they pay good interest.

Byarugaba said if the law is passed to provide 20% midterm access to savers, NSSF will need about Shs900 billion which they currently do not have.

According to Byarugaba, currently through securities (bonds) the Uganda government has so far borrowed Sh7.6 trillion, the Kenyan government has borrowed Sh2.7trillion, the Tanzanian government has borrowed Sh1.4 trillion, and Rwanda government has borrowed Sh28b.

The NSSF boss further revealed that through investing in equity markets, they have invested in buying shares in companies in Uganda, Kenya, Tanzania, and Rwanda.

Regarding investments in equity markets, NSSF has invested 1.1trillion in the Kenya equity market, Sh47b in Rwanda equity market, and Sh469b in the Tanzania equity market, and Sh117b invested in the Uganda equity market.

Byarugaba explained to the MPs that the other key area where they invest members’ savings is real estate.

Earlier this week, the Parliamentary Committee on Gender started processing the National Social Security Fund Amendment Bill 2021, recently re-tabled before Parliament.

Three weeks ago, Speaker of the 11th Parliament, Jacob Oulanyah directed that all Bills passed by the 10th Parliament but not signed by President Yoweri Museveni will be re-tabled for fresh discussions.

National Social Security Fund (NSSF) Bill was among the bills to be retabled. This year in August, President Yoweri Museveni agreed to workers having mid-term access to their savings.

Museveni noted that in case it doesn’t work, we shall learn from it.

“You remember Shakespeare’s play The Merchant of Venice? Shylock with my pound of flesh whether you die or what! For the NRM not to be that Shylock and since these people think this is the solution, let’s go ahead. If it doesn’t work out, we shall see. Learn together instead of being like shylock,” he said.


Leave a Reply