One of the leading opposition political party the Forum for Democratic Change (FDC) says the effects of mismanaging the country and economy will bite harder in 2020.
According to FDC The mismanagement continues to manifest itself through outright stealing which the regime likes calling corruption, wasteful expenditure such as Mr. Museveni Shs 240 billion budget for renting support (donation) to excess borrowing, said party spokesperson, Ibrahim Ssemujju Nganda.
Nganda who was addressing press on Monday in Najjanankumbi, said President Museveni through his finance minister quietly presented to Parliament the proposed budget for this year (2020/2021) around the Christmas holiday.
Ssemujju Nganda addressing the media
The total budget is reducing from Shs 40.4 trillion to Shs 39.6 trillion.
“Of the Shs 39.6 trillion budget, Shs 7.3 trillion will be used to repay loans we have obtained from mainly commercial banks through treasury bills and bonds,” Nganda noted.
“This is what experts call debt rollover. And we will also be borrowing Shs 3 trillion from the same commercial banks. Our domestic debt now stands at $4.2 billion (Shs15.51 trillion).”
Externally, he said, Uganda will borrow Shs 6.6 trillion to repay external loans contracted already something akin to a debt rollover.
“And most important for you to note is that we will be paying interest during the new year of up Shs 3.5 trillion on the money borrowed locally and externally. And we have an external debt of $ 8.35 billion (approximately Sh 30.85 trillion).”
He said the total debt now stands at $12.55 billion which comes to Shs 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 Shs 1.15 loan burden on his or her head.”
Yet the borrowed money is what Mr. Museveni extravagantly use to finance his insatiable appetite for power, Nganda maintained.
“You know that every public outreach he undertakes costs the country Shs 2.4 billion daily.”
He said this means the country 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.”
The general elections whose nominations and campaigns have been fixed for this year, will cost the country colossal sums of money, he pointed out.
The Electoral Commission has already spent Shs 218 billion this financial year and have been added another Shs 318 billion in the 2021 budget.
“We have been told Police alone is requesting for more than Shs 100 billion to Police elections. This is a huge expenditure.”
FDC thus warned the Electoral Commission not to mess up this investment.
“We are a poor country that is highly indebted. There must be value for money.”
He said Justice Byabakama and his team are on trial as this will be the first general election they are organizing.
There are already issues with compilation of the voters’ register.
Millions of Ugandans who are turning 18 years from the date registration was closed to nomination day, have been left out.
According to Nganda, nobody benefits from Museveni’s continued stay in power, Museveni himself.
He said the FDC is committed and supports all efforts that will accelerate the dictator’s downfall.
