Minister of Finance, Planning and Economic Development Henry Musasizi NEWS ANALYSIS | URN | The government avoided taking on approximately 270 billion shillings in additional debt after the Auditor General’s assessment reduced the amount the Government borrowed to buy out electricity distributor Umeme Company Limited at the end of its 20-year concession. Parliament had authorised the Government to borrow up to the euro equivalent of US$190.99 million, about 711 billion shillings, for the Umeme buyout. But the Government eventually borrowed the equivalent of US$118.39 million, or about 440 billion shillings, leaving roughly US$72.6 million, about Shs270 billion, unborrowed. The reduction…
Author: Entebbe News
Patriotic Left to Right: League Top Officials MPs David Kabanda together with Michael Mawanda in Nakasero. Kampala, Uganda | URN | The Patriotic League of Uganda (PLU) wants the Ministry of Finance to halt over fifty-two billion shillings (US$14 million) to the Presidential Advisory Committee on Exports and Industrial Development (PACEID). The demand is part of a widening dispute between the Chief of Defence Forces, General Muhoozi Kainerugaba, and the Chairperson of PACEID, Odrek Rwabwogo, alos one of the sons-in-law to the President. General Muhoozi recently declared on his X that PACIED is an illegal entity, while Rwabogo has insisted…
Tooro Kingdom has today, 27 August, confirmed the death of King Oyo Nyimba Kabamba Iguru Rukidi IV after a long, prolonged illness in the US. A few weeks ago, rumours circulated on social media, suggesting that the King was battling health challenges abroad. The rumours were confirmed this afternoon, when the Tooro Kingdom Prime Minister revealed that the King was indeed sick and in critical health condition. His revelation put to bed prior reports that King Oyo had lost the battle to the illness, urging the well-wishers to keep him in their prayers. A few hours later, the Tooro Kingdom announced the King’s…
King Oyo Kampala, Uganda | ENTEBBENEWS.NET & URN | The Tooro Kingdom has revealed that King Oyo Nyimba Kabamba Iguru Rukidi IV is critically ill and asked the public to pray for him. In an official communication from Tooro Kingdom Prime Minister, Calvin Armstrong Rwomire Akiiki, following a wave of speculation on social media about the health of the 34-year-old king, he said that King Oyo is alive but in a critical condition. “This is to inform you that His Majesty King Oyo is currently in a critical condition,” Rwomire said. He appealed to the people of Tooro, friends of…
Kampala, Uganda | URN | Businesses and civil society organisations are calling for a broader and more equitable tax base as government begins preparations for the 2027/28 national budget. They warn that continued increases in taxes on a narrow group of businesses and consumers could undermine economic activity and government revenue. Kampala City Traders Association says some measures in the current budget, including the adjustment of the VAT threshold, have benefited traders, but argues that taxes on some imports remain too high. Basha Baker, the Research, Policy and Advocacy Officer at KACITA-Uganda, says the garments trade is particularly affected by…
When veteran aviation executive Girma Wake stepped in to assume leadership of Uganda Airlines, he inherited a national carrier teetering on the edge of complete operational collapse, crippled by severe debt defaults, grounded aircraft, and severed supplier contracts. Appearing before Parliament’s Committee on Commissions, Statutory Authorities and State Enterprises (COSASE), the newly appointed Chief Executive delivered a candid post-mortem detailing how the previous administration under Jenifer Bamuturaki left the flag carrier in critical distress, how the airline narrowly survived total grounding, and the emergency turnaround strategy currently underway. 1. The Capacity Collapse: 80% of Passenger Fleet Grounded Uganda Airlines’ core…
Drilling Rig located in Ngwedo Sub County in Bulisa District reading for Commissioning. Kampala, Uganda | URN | Uganda’s mineral production value almost doubled to 464.7 billion shillings in the financial year 2023/24, even as the extractive sector’s contribution to the economy declined. The fifth Uganda Extractive Industries Transparency Initiative (UGEITI) Report. The report shows that the sector’s contribution to Gross Domestic Product (GDP) fell from 1.47 percent in 2022/23 to 1.28 percent in 2023/24. At the same time, the sector’s contribution to government revenue increased from 1.13 percent to 2.18 percent, while its contribution to employment edged up from…
Recently, the Uganda Police Force raised an alarm regarding another devastating Ponzi scheme that wiped out the savings and shattered the dreams of hundreds. Victims had invested with the promise of receiving handsome returns on their capital deposits. The inevitable nightmare followed when the scheme collapsed and the masterminds vanished into thin air. 1. A Century of Financial Illusion: From Charles Ponzi to Modern Kampala Ponzi schemes derive their name from the 1920s Italian swindler Charles Ponzi, who promised investors 50% returns in 45 days and 100% in 90 days through an arbitrage scheme involving international postal reply coupons. In…
City socialite and businessman Don Chris has been arrested in cases linked to a scam that saw a number of Ugandans lose millions of money at his hands. Don Chris, real name Asiimwe Christian, over the years, lived a lavish lifestyle and was a familiar figure at various hangout spots. Different musicians and entertainers often sought his sponsorship for their events through his company, Skypins Tours and Travels. The travel company consistently placed advertisements in trusted media outlets, highlighting how it helps job seekers secure well-paying jobs in countries such as Luxembourg, the UK, Dubai, Qatar, and Canada, among others. However,…
American actor and singer Tyrese Gibson has arrived in Kampala, Uganda, for a three-day visit following an invitation from the Government of Uganda and private-sector partners. Upon his arrival, Gibson was received by Aly Allibhai, CEO of Talent Africa Group, and Ms. Juliana Kaggwa, CEO of the Uganda Tourism Board (UTB). Talent Africa Group is supporting Gibson’s itinerary throughout his visit, working alongside government and tourism stakeholders to coordinate his engagements and experiences across Uganda. The partnership is helping facilitate an itinerary that connects Gibson with Uganda’s tourism, coffee, culture and investment opportunities. Gibson has already met with the Head…