CPA Kitatta Ibrahim Almalik
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CPA Kitatta Ibrahim Almalik
@KitattaIbrah
The 3rd Governor of Lwengo District https://t.co/VsYcEsNANe, Certified Public Accountant (CPA-U), MBA Fin & Acc, Law..





















Bank of Uganda has revealed that the anticipated revenue from Uganda’s oil production will not be enough to shield Uganda from the economic sabotage that will follow the passing into law The Protection of Sovereignty Bill, 2026, since most of the revenue will go towards payment of debt for the loans Government has acquired to prepare Uganda for oil production. The revelation was made by Michael Atingi-Ego, Governor, Bank of Uganda, while appearing before Parliament’s Joint Committee of Defence and Internal Affairs and the Legal and Parliamentary Affairs Committee, to present the Central Bank’s views on the controversial Bill. Photo by Parliament



"Chairman, a country without reserves is not sovereign. The potential of this Bill to destabilize Uganda’s balance of payments is our primary concern as a central bank. For example, last financial year the overall balance of payment surplus was USD 1.5 billion. That’s how we were able to increase our reserve coverage by USD 1.5 billion. Today as we speak our reserves are close to USD 6 billion. Why? Because these inflows have been coming in. The moment you tamper with these inflows here, we risk running down our reserves, and that is economic disaster for a country.” Governor Atingi-Ego on the Protection of Sovereignty Bill 2026 in an appearance before Parliament today.



The governor BoU seems to have settled the debate.












