Three commercial banks applied to downgrade to credit institutions, and the Bank of Uganda (BoU) granted their request. ABC Capital Bank (U) Limited, Guaranty Trust Bank (U) Limited, and Opportunity Bank Limited are the three commercial banks listed by BoU. The transition period for these banks is set to last three months, from April 1, 2024,…
The Ministry of Finance and Uganda Revenue Authority (URA) officials were dismissed by the Finance Committee of Parliament due to issues with the way that seven companies—three of which were higher education institutions—were selected to receive tax exemptions. The process had obvious irregularities that the lawmakers had pointed out, such as a rise in the number…
The newly appointed ministers have been urged by President Museveni to put fighting corruption and generating wealth first. “Corruption undermines our efforts, but by focusing on wealth creation and fighting corruption, we can achieve 80 percent of our goals,” he said. These statements were made on Wednesday at State House-Entebbe during the swearing-in ceremony of…
When the real drilling begins in the coming year, the East African Crude Oil Pipeline (EACOP) will be able to move Ugandan crude oil more easily from the Albertine region to the port of Mwanza thanks to the opening of a state-of-the-art insulation plant. Tuesday marked the official opening of this plant, which is situated…
The Jinja City Council has slashed its budget for the 2024–2025 financial year, citing a number of issues, including insufficient local revenue from property taxes. Finance Secretary Twaha Waniala of the Jinja City Council announced that the budget for the current FY 2023/2024 has been cut from Shs 59.8 billion to Shs 54.9 billion for…
Wakiso District health authorities have warned healthcare professionals not to skimp on work because they will lose out on pay. The Acting District Health Officer, Dr. Mathias Lugoloobi, made this statement at the midterm performance review meeting that took place at the Kavumba recreation center in Wakiso. According to Dr. Lugolobi, some medical professionals are…
In an effort to promote women’s menstrual hygiene, civil society organizations have urged the government to keep its promise to waive the tax on sanitary pads. Speaking to reporters during both the current national sanitary week and the Uganda water and environment week, a civil society organization affiliated with the Uganda Water and Sanitation Network…
Five individuals, including four employees of Equity Bank Uganda, were placed under remand at Luzira prison on charges of money laundering related to the distribution of unsecured loans totaling Shs 62 billion to individuals who were deemed unqualified. The Anti Corruption Magistrate’s court heard the arraignment of the five suspects yesterday, where they were charged…
Out of the 18 million workers in Uganda who could save for retirement, only three million do so, according to the Uganda Retirements Benefits Regulatory Authority (URBRA). URBRA CEO Mr. Martin Nsubuga stated that only three million Ugandans save for retirement, leaving over 15 million uncovered, during the launch of a study for the establishment…
During their appearance before the parliamentary tourism, trade, and industry committee, officials from the Uganda Wildlife Education Center (UWEC) did not successfully defend the Shs 10 billion budget they requested for lion breeding in the next financial year. UWEC was criticized by committee chair Mr. Mwiine Mpaka for failing to justify their budget item, despite…
