The Ugandan government was set to lose Shs 267.6 billion in the UMEME buyout, Daily Star has learned. This revelation emerged during the handover of the Auditor General’s report on the transaction.
According to the report, the US$190,988,556 (Shs 700.218 billion) loan secured from Stanbic Bank for the UMEME buyout was excessive by Shs 267.6 billion, as the actual amount due to UMEME is US$118 million (Shs 432.677 billion).
Last week, Parliament conditionally approved the loan, emphasizing that payments should be based strictly on the Auditor General’s findings.
Speaker Anita Among reaffirmed this stance: “When we last had a sitting in the House, the loan brought for approval was $190 million. I am aware that the audit is completed, and the approved amount from the audit is about $118 million. We should pay what the Auditor General has reported, not the estimate we were given. As we stated that day, we shall only pay based on the Auditor General’s report.”
Detailed to follow
